Codere losses of €22.5 million by Argentine Peso collapse

Bolsa Madrid gambling firm Grupo Codere has reported exchange rate losses of €22.5 million after the Argentine peso collapsed to a record low against the dollar, forcing the central bank to raise interest rates to an unprecedented 60%.

Argentina which represents, Codere’s biggest operating market, would record double declines across all core metrics and KPIs, resulting in a significant downturn across the firm’s South American divisions and subsidiaries.

Codere records a 7% decline in group revenues to €759 million (H1 2017: €814 million). Despite reporting growth across its home market of Spain, Codere governance would record a 10% interim EBITDA declined to €109 million (H1 2017: €121 million). Closing its H1 2018 accounts, the Bolsa Madrid operator records group-wide consolidated losses of €34 million across all its operating divisions.