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AsianLogic shares fall in expected profit decline

20 February 2009

As reported by Gaming Intelligence: "Shares in AsianLogic Limited, the AIM-listed online and land-based gaming operator, yesterday fell nearly 18% as the company said it expected to report pre-tax profits of approximately US$7.0m for the year ended December 31st 2008, an 11% drop on the previous year's results.

"In a pre-close trading update Thursday, the company said it was trading in a challenging economic environment where sustaining growth required continuing innovation in services provision and product development.

"AsianLogic also warned that pre-tax profits in 2009 were unlikely to reach the same level as in 2008, as the company's required capital expenditure was likely to be significantly higher than in previous years. AsianLogic said it was confident that top line revenues would be sustained during the year.

"Last November AsianLogic instigated a number of actions to minimise the effects of the economic slowdown, including the closure of certain betting operations. Additionally, a number of land-based gaming initiatives which were due to be launched in 2008 were postponed until this year to ensure that the maximum commercial benefit was achieved from 2009 onwards.

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

"AsianLogic expects to announce its 2008 full year results during the second half of April 2009.

"Shares in AsianLogic Limited fell 17.91% to 27.50 pence in London yesterday following the announcement..."

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AsianLogic shares fall in expected profit decline is republished from Online.CasinoCity.com.