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Aug 05 2024

Z-Tek, Q2 2014 Profit Declines

Italian lottery supplier GTech SpA reported on Thursday a 9.6% drop in net profit in the second quarter of the year compared with the same period last year. GTech SpA posted 60.8 million euros ($81.4 million) in net profit.

The company's total revenue fell 1.4% to 751.1 million euros and its operating profit fell 3.4% to 156 million euros, with all major financial indicators down.

GTech announced last month that it had entered into a final merger agreement with U.S.-based gaming provider International Game Technology (IGT). GTech will acquire IGT for $6.4 billion, comprising $4.7 billion in cash and shares and $1.7 billion in net debt.

"Despite a very good performance in the second quarter of last year from product sales and significant jackpot activities related to the Canadian Video Lottery Terminal Replacement Program, G-Tek was able to absorb the loss of this impact and produce similar results," CEO Marco Sala said in a statement.

"This is a significant achievement that demonstrates the resilience and growth potential of our core business," Mr. Salah added.