4th June 2014, 04:33 PM
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Member
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Join Date: Sep 2011
Posts: 1,534
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Quote:
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Originally Posted by FredTheMug
I apologise, I was wrong. I read the following article on the SMH website which reported a $1.6m loss for year ending April 2013 and assumed they were talking about the AU operation:
http://www.smh.com.au/business/crow...0318-3506r.html
I wouldn't have a clue how to interpret an annual report so thanks for the correction. |
That article is so incorrect. The year before betfair made the following in its annual report:
Quote:
Share of income from joint venture – Betfair Australia
Betfair Australia generated 21% revenue growth (in local currency), driven
by a strong horseracing performance and improved monetisation of Exchange
activity. Revenue growth was driven by higher ARPU following an increased focus
on higher value customers.
The joint venture achieved a breakeven result for
the first time. Our reported share of the venture’s net operating profit was
£4.3m (FY11: loss of £0.9m). Excluding the £1.9m one-off net benefit of a sales
tax refund and costs associated with the High Court appeal our share of
operating profit was £2.4m.
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So betfair is making lots of money year in and year out. The SMH reporter must not have done their research properly (which took a whole 5 seconds).
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