Mark Androvich
01:59 (BST)
21/08/2007
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Playlogic Q2 revenues up 175 per cent
Expects profitability by Q3
Playlogic Entertainment has announced its financial results for the quarter ending June 30.
Net revenues climbed 175 per cent to USD 1.1 million compared to USD 0.4 million during the same period in the prior year. Gross profit for the six months ended June 30 was USD 2.7 million, up from USD 1.2 million the prior year.
The company, based in Amsterdam, released two titles in Q2: Xyanide Resurrection for the PSP and Evil Days of Luckless John for the PC.
Playlogic reported a net loss from operations of USD 0.464 million, down from a net loss of USD 3.9 million during the same period in the prior year. Loss per share decreased to USD 0.02 from 0.16 the prior year.
"With our current and upcoming portfolio of games, we have managed to secure our strongest distribution deals to date,â said Rogier W. Smit, Playlogicâs executive vice president. âOur strategy of controlling corporate overhead and focusing on continuously improving the quality of our titles are starting to bear fruit."
For the third and fourth quarters, the company expects a substantial increase in net revenues due to four new SKUs which include the PS2 version of Xyanide Resurrection and Obscure II for the PS2, Wii, and PC. The company also recently obtained the license for the Dragon Hunters animated television series.
"The diversification of our products on new platforms and having secured strong licenses like the Dragon Hunters animated series have given us a healthy perspective for continued future growth," said Smit.
The company expects to turn net loss into profit for fiscal 2007 beginning in the third quarter.
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