Australian betting and lottery operator Tabcorp Holdings is looking to raise AU$600m after posting a net loss of AU$870m in its most recent fiscal year.

Figures released Wednesday show Tabcorp generated revenue of AU$5.2b in the 12 months ending June 30, a 4.8% decline from fiscal 2018-19. Before deducting a billion or so bucks in significant items, earnings fell 11.5% to AU$995m and net profit after tax (NPAT) tumbled nearly one-third to AU$271m.

However, the impact of COVID-19 meant Tabcorp was forced to book AU$1.14b in goodwill impairments, most of which involved its Wagering & Media unit. The unit took a major hit in March when Australia ordered all non-essential businesses – including TAB retail wagering outlets – to shut their doors.

Wagering & Media revenue fell only 10% to just under AU$2.1b, thanks primarily to a strong showing by digital betting. Online wagering turnover was up 3.8% to AU$7.1b while retail was down 27.9% to $5.4b, marking the first year in which digital has outperformed retail.