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PartyGaming full-year revenues up 61 percent

PartyGaming full-year revenues up 61 percent

PartyGaming PLC, the online gambling company, on Wednesday reported a 61 percent gain in profit for the full year 2008, as cost cuts helped offset a small drop in revenue.
The Gibraltar-based company reported a profit of $66.9 million, up from $41.6 million in 2007, while revenue fell 1 percent to $472.9 million.
PartyGaming saw its adminstrative expenses fall 26 percent to $212.7 million, as the company trimmed costs and benefitted from the appreciation of the U.S. dollar.
The company has been beset by legal and financial problems since the United States banned the online gaming industry in 2006, and it said it still faces the possibility of legal action related to its U.S. customers before the ban.
U.S. regulatory authorities have also made inquiries of banks and other financial advisers that have been involved with Internet gaming, the company said, and it could not rule out having to pay indemnities to those banks and advisers.
PartyGaming shares fell 5.3 percent to 219 pence on the London Stock Exchange.
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http://www.partygaming.com/pg/investors


Updated : 2021-05-10 16:06 GMT+08:00