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Markets News

Australia's Tabcorp annual profit sinks 39% on virus hit

Aug 19 (Reuters) - Tabcorp Holdings Ltd on Wednesday reported a 39% slump in full-year underlying profit, as the gambling firm was dealt a heavy blow from coronavirus-led closures of betting shops and cancellation of sports events.

Underlying profit after tax fell to A$220 million ($159.4 million) for the year ended June 30, lower than the company’s prior forecast range of A$267 million to A$273 million. ($1 = 1.3801 Australian dollars) (Reporting by Arpit Nayak in Bengaluru; Editing by Rashmi Aich)

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