Loto-Québec’s profits came back strong in its first quarter of 2022, after suffering from the pandemic during the same period last year.
Posted at 6:00 a.m.
For the months of April, May and June, the state-owned company reported a net profit of 446 million, compared to 195 million for the corresponding period last year when most of its activities were suspended.
Sales and profits from lotteries, casinos and gaming houses are also up from the first quarter of the 2019-2020 fiscal year, before the pandemic.
“Thanks to these excellent financial results, we are on track to reach our budget target, despite the interruption in sales of draw lotteries known last week”, commented the President and Chief Executive Officer of Loto- Quebec, Jean-Francois Bergeron.
The state-owned company had delayed the publication of its quarterly results by a week due to a labor dispute sparked by its 455 professional employees who were demanding better pay conditions.
A computer problem, which occurred at the same time as the strike by its employees, paralyzed for four days sales of Loto-Québec draw lotteries, such as Loto Max and La Grande Vie. Faced with the threat of conflict, the company had also postponed the launch of its new version of Loto 6/49.
The financial impact of this business interruption will be specified in the results of the next quarter.