Australian betting firm Tabcorp has bled millions of dollars in the 12 months through June as the its planned merger with rival Tatts Group drags on.

In a regulatory filing, Tabcorp reported a AUD20.8 million (US16.6 million) net loss compared to a net profit of AUD169.7 million (US$135.36 million) in the previous fiscal year. The only consolation for Tabcorp was the fact that its revenue was up 2 percent to AUD2.2 billion (US$1.75 billion) in the 2017 fiscal year.

Tabcorp attributed the losses to a series of events that happened in the company such as the AUSTRAC civil proceedings and Australian Federal Police Cambodia investigation; the proposed merger with Tatts Group (including the impact of the Tatts cash-settled equity swap); the Intecq acquisition; Sun Bets operating loss and assets impairment; and Melbourne premises relocation.

“The 2017 financial year was a strategically important year for Tabcorp as we reshaped the business for growth. The Group made investments in acquiring Intecq, establishing Sun Bets, and progressing the combination with Tatts Group, which we expect to complete by the end of the year,” Tabcorp chairman Paula Dwyer said in a statement.