Tabcorp Holdings Limited (ASX: TAH) was the worst performer on ASX200 on Thursday. At the time of writing, the shares of the gambling company are down 5.7% at $4.82.
Tabcorp reported $24.6 million statutory profit for the last half year, down 58% from the previous year. The company incurred significant costs after merging with lotteries operator Tatts, a move that's placed Tabcorp Group as one of the largest players in the Australian gambling industry.
Results for Tabcorp remain decidedly negative, even when disregarding the one-off merger costs. Underlying profit stands at $82 million, 20% lower than the figure from the previous year, and below analysts' predictions of $89 million.
A 4% increase of operating expenses for Wagering and Media, one of the company's core businesses, contributed to the poor figures. Tabcorp is also facing increasing foreign competition, particularly in the online betting sector.
