Tabcorp merger costs weigh heavily on Tatts fiscal profit

Now is probably not the best time to be in Tatts boss Robbie Cooke’s shoes.

The weight of Tatts Group’s planned merger with rival Tabcorp is putting an immense pressure on Cooke, especially after its profit dropped 5.7 percent in the fiscal year.

In a regulatory filing, Tatts reported that its net profit in the year to June 30 slipped to AUD220.5 million (US$174.63 million) from $233.8 million (US$185.17 million) in the previous year.

Tatts revenue, meanwhile, was down 5.1 percent to $2.78 billion (US$2.2 billion) in the 12 months to June 30.