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UPDATE 1-Czech Fortuna 9M net profit up 21 pct, online grows

Published 11/10/2010, 02:50 AM
Updated 11/10/2010, 02:52 AM

* 9M net profit rises 21 percent to 11.9 million euros

* Gross win rises 12 percent, big jump in online segment

* Sees continued growth in amounts staked

(Adds quote on outlook, shares)

PRAGUE, Nov 10 (Reuters) - Net profit at Czech betting firm Fortuna Entertainment Group rose 21 percent to 11.9 million euros ($16.40 million) in the first nine months on rising bets, especially in the online segment, it said.

Gross win for the group rose 12.4 percent to 66.5 million euros, and the amount staked increased 11.7 percent to 276.1 million. Chief Financial Officer Michal Veprek said on Wednesday growth in amounts staked had continued strongly into the fourth quarter, with October a record month for the firm.

"The final quarter is a big challenge, though, in beating last year's fourth-quarter results, which were very good (then) due to the favourable results of sporting matches for Fortuna," he said in a release.

Fortuna raised 78.3 million euros in an initial public offering on the Prague and Warsaw bourses that was nearly twice oversubscribed last month.

The company is active in the Czech, Polish, Slovak and Hungarian markets, and will use part of the money to launch a Czech lottery unit.

Shares in the group have dropped 3.3 percent from the IPO price to 102 crowns in Prague, underperforming a 3 percent rise in the index.

($1=.7256 Euro) (Reporting by Jason Hovet; Editing by Jon Loades-Carter)

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