|Swedish gambling software developer Boss Media has reported a 30 percent drop in net profits for last year as sales and royalty revenues both fell.|
The Stockholm-listed firm announced net profits of $6.93 million for the year, which were down on 2006’s results of $10.07 million, along with a drop in sales to $48.83 million from the previous year’s $50.05 million. In addition, royalty revenues were down to $36.41 from 38.29 million the year before.
'Royalty revenues developed well during the fourth quarter with healthy growth generated in primarily poker and interactive gaming machines,” said Michael Hallen, Chief Executive Officer for Boss Media.
'Compared with the preceding quarter, royalty revenues rose by 18 percent during the fourth quarter to $9.93 million. This means that the revenues lost during the early part of the year due to the renegotiation of agreements and legal changes were recouped.
'Royalty revenues during the fourth quarter of 2007 were about four percent higher than in the corresponding quarter of the preceding year. The IPN poker network is capturing market shares in a growing market.”
Hallen also stated that with operating profits for the year came in at $7.91 million and that he expects the online gaming market to grow by 15 to 20 percent this year with Boss Media’s sales doubling by 2010.