ASIANLOGIC ON TRACK FOR 2008 REVISED FULL YEAR RESULTS

20 February 2009

But the company sounds a note of caution on the liklihood of increased capital expenditure

 

Asian online and land gambling group and Playtech associate AsianLogic Limited has issued a pre-closing trading update for the year ended 31 December 2008 flagging the liklihood of increased capital expenditure required to retain top line revenues amidst challenging economic conditions in 2009.

The company reports that trading has been in line with revised expectations, and as previously announced, it expects to report 2008 full year pre-tax profits of approximately US$7.0 million (before tax and adjustment for share-based awards).

"Like many in its sector, the Company trades in a challenging economic environment where sustaining growth requires continuing innovation in services provision and product development," the update notes. "While the Company is confident that top line revenues will be sustained in 2009, the business's required capital expenditure is likely to be significantly higher than in previous years and as a result pre-tax profits are unlikely to reach the same level as in 2008.

"The Company has initiated a strategic review to determine the most appropriate manner in which to prioritise shareholder value." 

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