(Montreal) Loto-Québec on Wednesday posted first quarter net income down 14.7% compared to last year, mainly attributable to the decline in Lotto Max sales.
The state-owned company’s net income decreased by 65.6 million during the quarter ended June 26 to 380.9 million, compared to 446.5 million in the same quarter last year.
Quarterly revenues totaled $711.2 million, up from $744.3 million in the previous first quarter. This decrease is notably attributable to the lottery sector, whose revenues fell from 256.6 million last year to 224.7 million in the most recent quarter, a drop of 12.4%.
As for casinos and gaming halls, revenues increased by 4.2% to 274.6 million in the first quarter, compared to 263.4 million last year.
Gaming establishments recorded revenues of 216.9 million in the most recent quarter, a decrease of 5.1% compared to the amount of 228.5 million last year.
According to Loto-Québec, the difference in net income can be explained, among other things, by the higher expenses caused by the complete resumption of activities in establishments after periods of restrictions linked to the pandemic.
Quarterly expenses increased from 169.7 million to 201.2 million in the most recent quarter.