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Tabcorp CEO wary despite solid profits

2 Feb 2009

AUSTRALIA -- As reported by WA Today: "Tabcorp Holdings Ltd is vulnerable to the economic downturn despite the solid first-half profit the gaming company reported on Thursday, chief executive Elmer Funke Kupper says.

"...Tabcorp on Thursday reported a net profit for the first half of 2008/09 of $263.2 million, down 3.7 per cent on the prior corresponding period. Mr Funke Kupper said the company had a "reasonable start" to the second half.

"The Australian economy has weakened significantly over the last few months, together with the global economy, and consumer spending, particularly on discretionary products, has slowed.

"...Tabcorp expected trading this year to be 'soft' with hopefully a recovery the year after..."

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