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Croatian Lottery Profits up a Massive 610%

hlAfter raising eyebrows earlier this year when they announced record losses in 2012, state-owned lottery organisation Hrvatska lutrija (Croatia Lottery) have recorded growth of a massive 610% in the first 7 months of 2013.

Last year Hrvatska lutrija posted losses of 10.5 million kuna (1.4 million EUR), raising questions how the national body, which is charged with looking after the game of chance in the country, could possibly have lost so much money in one year. After a clean sweep of the previous board, new CEO Danijel Ferić has announced that in the first 7 months of the year Hrvatska lutrija has posted profits of 29.1 million kuna, growth of any ‘eye popping’ 610%.

Ferić blamed previous poor results on the previous regime, saying that Croatia’s former ruling party the Croatian Democratic Union (HDZ) used the lottery organisation as its ‘own automated teller machine (ATM)’ for many years.

The first restructuring step of the new administration was the cancellation of the old collective agreement. “The rights of the old contract were terrible – wage increases twice a year, unlimited rights to annual leave. We canceled bonuses and Christmas bonuses, and daily expense accounts were reduced,” Ferić explained about the financial revival of the company.

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