Tabcorp net profits up 64 percent from a one-off income tax benefit

Tabcorp reported strong financial results for the first half of this financial year, with net profit increasing 64 percent, boosted by a one-off income tax benefit of $31.5 million.

In an earnings call, CEO David Attenborough said the financial results along with the company securing domestic and international media rights for New South Wales thoroughbred racing in January, gives Tabcorp “increased certainty.”

“And following a strong set of results and execution of a number of important strategic initiatives that gives the business increased certainty,” he said.

The results are a boon to shareholders, who will receive a $0.30 per share special dividend. The company has also announced a $236 million entitlement offer “to maintain a strong balance sheet,” Attenborough said.

“We recognized the value our shareholders placed on fully franked dividends and see this capital management initiative as an appropriate way to create value for our shareholders.”

 

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