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Gambling.co.uk: Gambling News Archive

AngelCiti increase half year profits by 11%

Revenue increases to just over US$20 million for the first six months of 2004

Wednesday 28th July 2004



The latest success story in the online gambling industry to post impressive figures regarding growth is AngelCiti Entertainment. Yesterday they released figures on their subsidiary Worldwide Management, revealing that revenue and profits had increased when compared to the same period of last year.

In the first six months of 2004, profits have increased by 11%- with gross profits for the first two quarters standing at US$901,000. Revenue for the first half of the year was US$20.3 million. These figures have been achieved despite investments the company has made this year, such as the acquisition of Midas, as we reported yesterday.

George Gutierrez, President of AngelCiti commented on the figures with the following statement: 'We continue with our improved results from operations, even as we focus on spin-off and expansion of the online poker operations, digest the acquisition of Midas Entertainment and prepare for the dividend of Midas shares to investors. Management took a big step in acquiring a controlling stake in the company this past spring and we are confident that the measures we are taking will result in increased shareholder value as the markets and shareholders to digest the positive ongoing developments of the company.'




Source: OnlineCasinoNews

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