Hong Kong-based firm reports first six months of 2008 saw its revenues from poker grow by 760 percent.
Wednesday 1st October 2008
Hong Kong-based online gaming software developer and operator AsianLogic Limited has announced its interim results for the first half of the year showing a 208 percent rise in total revenues to $54.9 million.
The firm focuses specifically on the Asia-Pacific market and revealed that revenues from its casino operations were up 184 percent to $47.4 million for the first six months of 2008 from last year’s $16.7 million. Poker revenues grew a massive 760 percent to $2.6 million from 2007’s $300,000 while returns from other sources including reseller commissions came in at $2.7 million.
AsianLogic reported that profits before tax and adjustments for share-based awards were up 155 percent to $7.05 million from 2007’s $2.76 million, giving it a strong balance sheet of cash and equivalents of $80.7 million.
The company stated that average daily casino turnover grew 180 percent to $12.9 million from the $4.6 million reported for the same period last year while median casino net gaming per day increased 185 percent from $98,811 to $281,609 with average daily poker rake and tournament fees showing monthly growth of 16 percent.
“AsianLogic continues to grow organically and through acquisition,” said Tom Hall, Chief Executive Officer for AsianLogic.
“During the period we have made several important strategic acquisitions and investments. We are adapting to and driving market trends through the expansion of our poker and peer-to-peer business and foresee that acquisitions such as the Asian Poker Tour and its successful roll out will continue to raise the profile of this renowned card game and benefit AsianLogic's shareholders.
“This has assisted in rapidly growing the higher margin ‘retail’ side of the business, where we directly target the gaming end user as a counterpart to the provision of services to third-party marketing partners where the business originated.”
Hong Kong-based online gaming software developer and operator AsianLogic Limited has announced its interim results for the first half of the year showing a 208 percent rise in total revenues to $54.9 million.
The firm focuses specifically on the Asia-Pacific market and revealed that revenues from its casino operations were up 184 percent to $47.4 million for the first six months of 2008 from last year’s $16.7 million. Poker revenues grew a massive 760 percent to $2.6 million from 2007’s $300,000 while returns from other sources including reseller commissions came in at $2.7 million.
AsianLogic reported that profits before tax and adjustments for share-based awards were up 155 percent to $7.05 million from 2007’s $2.76 million, giving it a strong balance sheet of cash and equivalents of $80.7 million.
The company stated that average daily casino turnover grew 180 percent to $12.9 million from the $4.6 million reported for the same period last year while median casino net gaming per day increased 185 percent from $98,811 to $281,609 with average daily poker rake and tournament fees showing monthly growth of 16 percent.
“AsianLogic continues to grow organically and through acquisition,” said Tom Hall, Chief Executive Officer for AsianLogic.
“During the period we have made several important strategic acquisitions and investments. We are adapting to and driving market trends through the expansion of our poker and peer-to-peer business and foresee that acquisitions such as the Asian Poker Tour and its successful roll out will continue to raise the profile of this renowned card game and benefit AsianLogic's shareholders.
“This has assisted in rapidly growing the higher margin ‘retail’ side of the business, where we directly target the gaming end user as a counterpart to the provision of services to third-party marketing partners where the business originated.”