National lottery posts €5m in preliminary profit for 2016

Latvijas Loto, the organizer of nationwide lotteries in Latvia, closed last year with €29.318 million in preliminary turnover, which is a 18.8% rise from a year before, while its profit grew 24.2% on-year to €5.001 million, according to the company's financial report.

The company has achieved the financial and non-financial goals set for last year and has completed the working tasks, the company’s management said.

The company also has started work on upgrading its Latvijas Loto and Viking Lotto brands, and improving of other lottery products.

In 2015 Latvijas Loto posted €24.686 million in sales and earned €4.027 million in profit.

Latvijas Loto is fully owned by the Latvian state, and it is the only company authorized to organize nationwide lotteries in Latvia.

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