AsianLogic Issues Warning
By Staff
Hong Kong-based online gambling firm AsianLogic Limited has issued a trading update for last year revealing pre-tax profits of seven million dollars, which was eleven percent lower than 2007’s results.

AsianLogic took over the running of the Asian Poker Tour in April and revealed that trading had been in line with revised expectations it made at the end of November. It stated that, like many in its sector, it trades in a challenging economic environment where sustaining growth requires continuing innovation in services provision and product development.

“While the company is confident that top-line revenues will be sustained in 2009, the business' required capital expenditure is likely to be significantly higher than in previous years and, as a result, pre-tax profits are unlikely to reach the same level as in 2008,” read a statement from AsianLogic.

“The company has initiated a strategic review to determine the most appropriate manner in which to prioritise shareholder value.”

AsianLogic stated that it expects to announce its full-year financial results for 2008 during the second half of April.

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