Spanish gambling operator Codere reported falling revenue and earnings in the final quarter of 2019 as growth in its modest online operations was offset by Latin American pressures.

Official figures show Codere generated revenue of €344m in the last three months of 2019, down 4.7% year-on-year but only 0.2% off Q3 2019’s total. Adjusted earnings were down 18.3% year-on-year to €64.7m, although this was 3.4% on a sequential basis.

For the year as a whole, revenue was off 5.9% to €1.39b, mostly due to a €90.5m decrease in Argentina. Adjusted earnings fell 12% to €249m while the company booked a net loss of €61.7m

Codere’s earnings underwent a geographic shakeup in Q4, with Mexico’s share falling from 38% in Q418 to 24% in the most recent quarter. Argentina’s share increased four points to 28%, Spain grew by eight points to 18%, Italy dipped one point to 11% and Uruguay gained two points to 9%. Online gambling’s share doubled to an admittedly minuscule 2%.