Despite “tough competition” competition in the market, state-owned Swedish gambling operator Svenska Spel manage to pull a one percent financial growth in the first half of the year.

In a statement posted on its website, Spel Chief Executive Officer Lennart Source announced that the state-run gaming firm posted a SEK4.4 billion (US$510.5 million) net gaming revenue during the January to June period. The growth represented an increase of 1% on the amount posted in the corresponding period last year.

Consolidated operating profit was up 0.9 percent year-on-year to SEK2.4 billion (US$ 277.27 million), while net income for the firm increased 1.2 percent to SEK2.4 billion (US$277.27 million), with a slightly lower operating margin of 22.1 percent.

Source, however, pointed out that the revenue of Spel was tempered by the industry’s lackluster performance in the second quarter.