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Playlogic reports $9.5m loss

Publisher issues confident prediction of recovery for full 2009 results

Playlogic has reported a net loss of USD 9.5 million for the financial year ended December 31, 2008.

The company saw gross profit fall 30 per cent from USD 5 million in 2007 to USD 3.5 million, at the same time operating losses hit USD 9.1 million. Earnings per share turned into a loss of USD 0.22 compared with a profit of USD 0.03 for the previous year.

Despite this, the publisher has assured investors that it expects to be profitable for the full year of 2009, pointing to 12 upcoming titles, which it claims will bring the company into net profit within the rage of USD 5-7 million.

Shares in Playlogic were last traded for USD 0.35, up 1.45 per cent from the previous close.