April 11, 2008 / 7:40 AM / 10 years ago

AsianLogic pretax triples as acquisitions near

LONDON, April 11 (Reuters) - Asia-focused online gaming firm AsianLogic’s ALOGC.L full-year pretax profit tripled, it said on Friday, adding it was close to completing three acquisitions using money it raised in a December AIM listing.

Profit before tax at the end of December rose to $12.4 million from $4 million a year ago as revenues doubled to $54.3 million, the company said. Adjusted earnings per share was 19.4 cents, up from 6.37 cents in 2006, it said.

AsianLogic is in advanced talks on three acquisitions: for a 25 percent stake in a European electronic gaming marketer; a cash and shares deal for a major Asian electronic gaming operator; and for a strategic stake in a quoted Asian gaming company.

The transactions are currently in the final stages of due diligence, and, if completed, will materially affect earnings, the company said, without adding further details.

Hong Kong-based AsianLogic floated on the junior AIM market in December, raising $108 million to help fund acquisitions.

Its shares are up 0.7 percent at 74 pence a share at 0724 GMT, valuing the firm at about 82 million pounds ($162.1 million).

The company runs online casinos as well as land-based sports betting and slot machine games, with many of its customers in the Philippines, Malaysia and Singapore.

Financial market conditions have given rise to interesting opportunities and it is in discussions with a number of other parties, the company said. (Reporting by Hsu Chuang Khoo, editing by Will Waterman)

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