Aug 19 (Reuters) - Tabcorp Holdings Ltd on
Wednesday reported a lower-than-expected full-year underlying
profit, as coronavirus-led closures of betting shops and
cancellation of sports events hammered the gambling firm's
The company was forced to close its retail betting agencies
several times amid lockdown measures to prevent the spread of
the virus, while pubs and clubs that house betting terminals
were also shut.
Underlying profit after tax fell to A$271 million ($196.48
million) for the year ended June 30, from A$396 million a year
earlier, dropping short of estimates of A$274.8 million,
according to Refinitiv IBES data.
Including a non-cash goodwill impairment charge of $1.10
billion related to its wagering & media and gaming services
businesses, it reported a statutory loss after tax of A$870
"There continues to be uncertainty associated with COVID-19
in terms of both the severity and duration of the impact," Chief
Executive David Attenborough said in a statement.
The company also said it plans to raise A$600 million to pay
down existing drawn bank debt, strengthen its balance sheet and
comply with debt covenants.
"Our focus is on positioning Tabcorp to emerge strongly in
the post COVID-19 environment," Attenborough added.
($1 = 1.3793 Australian dollars)
(Reporting by Arpit Nayak in Bengaluru; Editing by Rashmi Aich
and Shailesh Kuber)