Monday 18th May 2009 Profits Double For Entraction
Online gaming software developer, Entraction Holding AB, has released its interim financial report for the first quarter of 2009 showing a 52.2 percent increase year-on-year in net turnover to $15.5 million from $10.2 million.
The Swedish firm revealed that earnings before interest, taxes, depreciation and amortisation rose 70.5 percent from the first quarter of 2008 to $2.4 million from $1.4 million, while its operating profit more than doubled to $1.9 million from $989,504.
Earnings after tax for the listed firm came in at $2.1 million while cash from operating activities improved to $4.3 million from a deficit of $244,362 for the first three months of last year.
Entraction signed a letter of intent last month to sell its CasaGaming Limited online games operating subsidiary iGame Limited for $6 million allowing it to fully focus on supplying products and services to the Internet gaming sector. iGame already operates Pokerihuone.com on the Entraction network and the sale will see it take control of popular CasaGaming sites including 24hPoker.com and MartinsPoker.com.
“The selling of the gaming operations is a milestone for Entraction and enables us to focus 100 percent on our supplier operation,” said Peter Astrom, Chief Executive Officer for Solna-based Entraction.
“In a time when many of our competitors do the opposite and start to mix the roles of operator and supplier, Entraction's focus makes us both more attractive to new partners and more transparent to investors. I am certain that iGame Limited will continue to successfully operate the sites in our network.”
Source: OnlineCasinoNews
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