Business News

HIT Revenues Below Plans, Loss Above

Nova Gorica, 05 November (STA) - Slovenia's biggest gaming chain, HIT, saw its revenues through the third quarter of 2010 lag 1.9% behind plans at EUR 111.2m. At EUR 4.9m, the loss in this period was 20% better than planned, the company announced on Friday.

Compared to the same period in 2009, revenues at the company undergoing streamlining as part of an effort to become profitable again fell by EUR 29m. The loss for the same period was down up by around EUR 500,000.

HIT saw the number of visitors at its gaming centres through the first three quarters of 2010 fall by 7.7% to 979,000, although each guest spent 5% more on average than last year.

The results were discussed on Thursday by the supervisory board of the state-owned company, which also reviewed progress in implementing the restructuring plan.

Expenditure at the company amounted to EUR 116.1m in this period, which is 2.8% less than planned.

At the end of September, the company had 1,644 staff, while the group, which includes subsidiaries abroad, employed 2,703 workers.

The supervisory board also examined HIT's disputed investment in Bosnia. The company is facing a lawsuit from a partner in the construction of a gaming centre in Brcko for withdrawing from the contract.

Approval to the contract for the project was given only by supervisors of the Bosnian subsidiary HIT Koloseum without knowledge of the supervisors of the parent company. The company building the centre is now demanding EUR 11m in damages, while the investment was worth EUR 4m.

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