AsianLogic Profits Triple
By Staff
Asia-focused online gaming firm AsianLogic has announced that its pre-tax profits for the year tripled as it is close to completing three acquisitions using money it raised during December’s stock market float.

The Hong Kong-based online casino developer and operator revealed that its profits before tax rose to $12.4 million from four million dollars a year ago as revenues doubled to $54.3 million.

The company also announced that it is in advanced talks with a European electronic gaming marketer to buy a 25 percent stake in its business along with a cash and shares deal for a major Asian electronic gaming operator and for a strategic stake in a quoted Asian gaming company. It stated that the transactions are currently in the final stages of due diligence and would materially affect earnings if completed, without adding further details.

AsianLogic operates online casinos as well as land-based sportsbetting and slot machine games for customers in the Philippines, Malaysia and Singapore and raised $108 million for acquisitions from its listing in London late last year. It stated that financial market conditions had given rise to interesting opportunities and that it is in discussions with a number of other parties.

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