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Playlogic records $3m net loss

Third quarter results impacted by title rescheduling and estimates on sales being hit by economic downturn

Playlogic has reported on its financial results for the third quarter of the financial year, with net revenues dropping to USD 1.1 million compared with USD 3.7 million in the previous year.

This quarter also saw gross profit plummet to USD 300,000 compared with USD 2 million for the same period in 2007. The company blames this on a number of rescheduled titles being moved from the third and fourth quarters into the first quarter next year.

The company recorded a net loss of USD 3 million compared with a profit of USD 2 million last year. Of the losses, USD 1 million is an estimate attributed to the perceived impact that the economic environment's has had on game sales.

Despite this, Playlogic expects net revenues for the full year in the range of USD 11 million and USD 13 million, up from a net revenue of USD 10.1 million for the full-year 2007.