Business News

Losses Continue at Hit

Nova Gorica, 20 April (STA) - Slovenia's biggest gaming company continues to struggle with losses, registering a EUR 1.3m loss in the first two months of 2010. Reviewing the results on Monday, the supervisory board confirmed a strategy for 2010-2012 in which the company plans to cut costs.

Revenues at the casino and hotel operator stood at EUR 29.5m in the first two months of the year, which was slightly above plans, but a 10.5% drop on the same period last year.

Of the revenues, EUR 24.6m came from gaming and rest from the hospitality sector. Hit's casinos saw 233,400 visitors in January and February.

The management intends to continue implementing a crisis strategy as part of which it wants to slow the drop in revenues and cut costs, Tuesday's statement from Hit reads.

One of the cornerstones of the strategy is a comprehensive system of client relationship management with which it wants to stop the decline in the number of visitors.

According to a statement, the Nova Gorica-based group is looking to generate EUR 176.3m in revenues this year, a 6% drop on last year.

In line with plans, the company will cut expenses by 13% to EUR 133.7m this year, limiting its loss to EUR 6.8m.

The company continued to reduce staff numbers in the first months of this year. At the end of February it employed 1,738 people.

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