Loto-Québec, the provincial lottery and casino operator headquartered in Montreal, has revealed its results for the first half of the 2022-2023 fiscal year and the numbers show an increased importance for the company’s online activities.
The state-owned operator reported an increase of 35.4 percent when it comes to total revenue to 1.46 billion Canadian dollars, while consolidated net income also registered an increase of 37.9 percent year-on-year to an amount of 805.3 million Canadian dollars.
However, the results have to be put into context as the 2021-2022 fiscal year was severely impacted by the novel coronavirus pandemic. In fact, between April and June 2021 several gambling activities were completely shut down.
Loto-Québec also made a comparison with the first half of the last pre-pandemic fiscal year, and revenue and net income went up by 3.5 percent and 9.4 percent, respectively.
Moreover, the company’s cost-to-revenue ratio improved from 31.0 percent to 27.9 percent. For this improvement Loto-Québec pointed out that several cost-control efforts were made across the corporation.