Amid Hostile Takeover Bid, IAS Shows Strength

12 February 2009

Following Centrebet International Ltd.’s bid last week to acquire a substantial stake in International All Sports Ltd., or IAS, the Melbourne company posted its half-year results on Monday with a 2.75 percent year-over-year increase in turnover.

For the six months period ending in Dec. 31, 2008, the bookmaker brought in 599.4 million Australian dollars -- up from last year’s turnover of 583.4 million Australian dollars.

The Australian company’s pre-tax net profit soared 664 percent year over year, going from 480,000 Australian dollars to 3.68 million Australian dollars. Earnings before interest, taxes, depreciation and amortization was posted at 5.02 million Australian dollar from 1.92 million Australian Dollars, which showed a 161 percent year-over-year increase.