UPDATE 1-Intralot profit misses forecasts on writedowns

* 2010 net dropped 26.5 pct to 36.6 million euros

* Sales up 23.5 pct to 1.1 billion euros

(Adds detail)

ATHENS, March 31 (Reuters) – Greece’s Intralot (INLr.AT: Quote, Profile, Research),
the world’s second-largest lottery systems provider, said on
Thursday 2010 net profit dropped 26.5 percent, mainly hurt by
writedowns.

Net profit dropped to 36.6 million euros ($51.47 million),
below an average forecast of 47.6 million euros in a recent
Reuters poll. Results were burdened by writedowns and provisions
of 5 million euros, much less than the 18.5 million charges it
had booked in 2009.

Intralot offers gaming platforms and operates sports betting
and video lotto machines for online poker sites and casinos in
about 50 countries. In Greece, it is the technology vendor for
the country’s betting monopoly OPAP (OPAr.AT: Quote, Profile, Research), Europe’s biggest
listed gambling company.

Intralot has said it was considering quitting
“non-performing” operations around the world to save costs.

“Over the past five years Intralot has invested more than
600 million euros in new opportunities and projects,” the
group’s Chief Executive Officer Constantinos Antonopoulos said
in statement.

Antonopoulos said that from now on the group will focus on
delivering value to investors by streamlining operations and
improve efficiency.

Group sales rose 23.5 percent to 1.1 billion euros, at the
high end of market expectations, boosted by the acquisition
earlier in the year of a strategic stake in a Jamaican lottery
operator and new operations in the United States and Italy.

The firm proposed a dividend of 0.0045 euros per share,
lower than the 0.15 euros per share it paid on 2009 profit.
(Reporting by Angeliki Koutantou; Editing by Hans Peters)

UPDATE 1-Intralot profit misses forecasts on writedowns