[2007-03-28]  COMMENTS ON 2006 RESULTS AND PROSPECTS
Turnover increased by 12% from Rs 657.0 M in 2005 to reach Rs 734.0 M in 2006. That increase was mainly generated by the ten off course outlets which were operational for the whole racing season as well as the nine additional outlets operational as from the 24th race meeting.
The profit after tax amounted to Rs 9.5 M compared to Rs 4.8 M in 2005. However, excluding exceptional items in 2006 of Rs 1.9 M relating to profit on sale of tote equipment (2005: impairment loss of Rs 9.0 M) the profit after tax for 2006 was Rs 7.7 M (2005: Rs 13.8 M).
Since the 18th race meeting a new competitor has started its operations and it is difficult at this stage to assess the impact of this competitor on ASL’s turnover.
The directors expect the turnover of the Company to progress further in 2007 and the profits to improve.
On the Stock Exchange, the shares of the Company traded at Rs 37.70 on 31 December 2005; after a fall in share price to Rs 29.00 in July 2006 the price started to pick up again to reach Rs 35.40 at 31 December 2006.
DIVIDENDS
In April 2006 a dividend of Rs 4,913,650 was paid in respect of the financial year 2005 and on 18 December 2006, the Directors declared a dividend of Rs 2.31 per ordinary share resulting in a dividend payable of Rs 8,165,850 for the year 2006.



Approved and signed on 27 March 2007 by Eric Espitalier-Noel and Sydney Bathfield



Source: © 2003 Associated Brokers Ltd.