Drop in Revenues for Mobile Gaming Developer
By Miriam H
PacificNet, a Chinese mobile game developer and service provider, has announced that its revenues for the first quarter (Q1) of fiscal year 2007 have plummeted 57 percent due to reduced income from its discontinued operations.

Including exchange rate gains, PacificNet earned $337,000, or 3 cents per share, compared with $781,000, or 7 cents per share, for the same period last year, the company confirmed in a Securities and Exchange Commission filing last week.

On a more positive note the company's quarterly sales soared to $9.3 million, compared with $6.7 million in 2006’s Q1 with revenues being boosted by increased services revenue and product sales.

In a press release published on Friday, the company also stated that it had confidence that net income will see a rise in its second quarter as gaming machines are delivered and accounts receivables are collected.

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