Loto-Québec recorded a 14.7% lower result in the first quarter of the current fiscal year than in the same period last year.
The state-owned company’s net profit fell by $65.6 million to $380.9 million in the fiscal year ended June 26, 2023, compared to $446.5 million in the same period in 2022.
These revenues were $711.2 million, a decrease of $33.2 million (-4.5%) compared to the prior-year quarter ($744.3 million).
This decrease is primarily due to lottery products, where revenue decreased by $31.9 million (-12.4%) to $224.7 million compared to $256.5 million in the previous year.
Gaming establishments also reported a decline in revenue (-5.1%) to $216.9 million in the first quarter.
In contrast, casino and gaming lounge revenue increased year over year (4.2%) to $274.5 million.
Loto-Québec explained that the difference in net income is due in particular to the higher costs caused by the full resumption of activities in its establishments after periods of restrictions related to the pandemic.
However, President and CEO Jean-François Bergeron said he was “very satisfied with the work of the teams and the results.”
“All sectors continued to exercise sound management despite the increase in spending caused by the full resumption of activities during their gradual resumption in the first quarter of last year,” he explained in a press release.