AsianLogic Limited, the diversified Asia-Pacific online and land-based gaming company, is pleased to announce its interim results for the half year financial period ended 30 June 2008. 

Financial Highlights

• Total revenues up 208% to US$54.9  (2007:US$17.8 m) 

• Casino revenues up 184% to US$47.4m (2007: US$16.7) 

• Poker revenues up 760% to US$2.6m, (2007: US$0.3 million)

• Other revenues, including reseller commissions, of US$2.7m (2007:US$1.0m) 

• Profit before tax and adjustment for share based awards up 155% to US$7.05m (2007:$2.76m)

• Average daily casino turnover up 180% to US$12.9m (2007:US$4.6 m)

• Average casino net gaming per day increased from US$98,811 to US$281,609, an increase of 185%

• Average daily poker rake and tournament fees showing monthly growth of 16%. 

• Strong balance sheet - cash and cash equivalents of US$80.7 million

• Adjusted earnings per share of 5.48 cents per share (2007: 4.35 cents)

• Maiden interim dividend of 2.9 cents per share.

Operational Highlights

• Continuing diversification strategy targeting the operators and end-users. 

• Underlying business continues to grow strongly with progress across all divisions.

• Continuing investment in poker market, enhanced by acquisition of Asian Poker Tour ("APT") in February 2008.

• Three new gaming websites launched in the first half of 2008, with a further five intended for launch in the second half of 2008.

• Strategic agreement with a Philippine land based sportsbook company Leisure Resorts and World Corporation (LRWC). 

• Acquisition of significant minority stake (US$3.4m) in a European based gaming solutions provider that is moving into profitability in 2008 whose clients include five blue chip gaming operators.  

• Talks continue on a strategic investment and commercial tie-up with a leading Asian online gaming technology and services provider.  

• Successful soft launch of play for real Asian games with full roll out expected in Q4 

• Initial set-up procedures completed and anticipated launch of our global gaming fund due in next 120 days with a number of investment opportunities already identified.

Tom Hall, Chief Executive of AsianLogic, commented:

"I am pleased to report a strong set of interim results for H1 2008. AsianLogic continues to grow organically and through acquisition. During the period we have made several important strategic acquisitions and investments. We are adapting to and driving market trends through the expansion of our Poker and P2P business and foresee that acquisitions such as the Asian Poker Tour and its successful roll out will continue to raise the profile of this renowned card game and benefit AsianLogic's shareholders. This has assisted in rapidly growing higher margin "retail" side of the business, where we directly target the gaming end user, as a counterpart to the provision of services to third party marketing partners where the business originated. It was gratifying to note that our rapidly increasing industry profile was recognised at this year's E-Gaming Awards, at which we were named Asian Operator of the Year. The Board is entirely committed to delivering excellent returns for its shareholders, and is confident of achieving further growth in revenues and profitability in the current financial year and beyond."

For further information contact:

Tom Hall, Executive Vice Chairman & CEO
AsianLogic

C/O Bell Pottinger Corporate & Financial

+44 207 861 3232

Tim Mickley

Collins Stewart - Nominated Adviser to ALL

+44 207 523 8350

David Rydell/Chris Hamilton/Helen Tarbet

Bell Pottinger Corporate & Financial

+44 207 861 3232

NOTES TO EDITORS

About AsianLogic

AsianLogic is a leading online and land-based gaming company focusing on the Asia-Pacific markets. The Company operates eight online casino brands and four online poker rooms as well as land-based sportsbook operations through its MegaSportsWorld brand. It is a specialist in Asia-specific games such as Mahjong, Cho-Da-Di, Do-Di-Zhu and 13 Card Poker. The company owns and operates The Asian Poker Tour.

The Company also maintains a corporate advisory team specialising in the gaming sector which is an active investor in gaming-related businesses as well as providing consultancy and analytical services. AsianLogic enjoys strong commercial relationships with leading gaming providers including Playtech and LVS. Founded as ESL in 2002, AsianLogic employs over 300 employees, the majority of whom are based in the Philippines.



To view the entire pdf announcement click here

Back to News homepage