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Playlogic reports $0.7 million Q1 profit

Playlogic has reported Q1 2008 net profit of $0.7 million, a slight decrease from the prior year

Playlogic Entertainment has announced its financial results for the first quarter of 2008, reporting a net profit of USD 0.7 million, or USD 0.02 per share.

This was down slightly from a net profit of USD 0.8 million in Q1 2007, which the publisher attributed to higher manufacturing costs and the release of Obscure II in the second quarter.

For the period ending March 31, net revenues were up year-to-year from USD 3.5 to USD 4 million.

"The profit for Q1 2008 demonstrates that we are on track with previously announced expected results," said CEO Willem M Smit.

"Playlogic has anticipated timely on market trends and has diversified its publishing portfolio further with new titles on multiple platforms. The publishing line up shifted towards increased number of titles published on console platforms as the installed base continues to grow."

Playlogic expects similar, if not higher, net revenues and net profits for the second quarter, with net profits per share also expected to be equal to or higher than those of the first quarter.

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