REDBET RELEASES 2010 RESULTS
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17th February, 2011 :: 14:18:28
Source: Casinos Online
Looking to expand into new markets
A return to profitability in the fourth quarter of 2010 follows a year of cost-cutting & restructuring for Swedish online gaming firm Redbet Holding AB .
The company reported operating revenues of SEK 17.1 million in Q4/2010, a decrease of 14 percent compared to Q4:2009 but an increase of 19 percent compared to Q3/2010.
Over the Full Year period ending 31 December 2010, operating revenues amounted to SEK 67 million (2009: SEK 100.2 million). Profit after tax was SEK -2.39 million (2009: SEK -5.2 million).
Jorgen Andersson , CEO Redbet Holding AB commented on the results:
"Operating income for the fourth quarter was a gain of 0.8 million. The improvement was driven by a significant increase in revenues while costs were reduced further.
"The company showed heavy losses in early 2010 because of excessive costs & declining revenues. We immediately began an extensive action to reduce costs & reverse the negative revenue trend.
"The company has now achieved profitability & has a strong financial position after the capital increase in October. We can now accelerate our expansion efforts in new markets, while we work hard to strengthen our position in existing markets."
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