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Net Entertainment’s financial results

Net Entertainment AB, a Stockholm-based iGaming gambling software provider revealed their Interim financial results for the first 6 months of 2011 which shows a 10.2 rise in revenues to SEK195.1 million or $29.68 million when compared to the previous year.

But Net Entertainment also reported a dip of 22% in operating profits to SEK53.5 million or $8.14 million when compared to last year. Net Entertainment also released their profits after tax for the first 6 months of 2011 which showed a figure of SEK48.00 million or $7.30 million. This was another reported decrease over last year’s figure which was SEK61.40 million or $9.34 million. Net Entertainment lately finalized a pair of new licensing agreements with 4 customers’ online casino being launched.

Johan Ohman, Net Entertainment’s President and Chief Executive Officer stated that “the developments in the second quarter were primarily a result of growth from the existing customer base.”

“Excluding revenues from France that in June 2010 introduced a regulatory framework that excludes casino games, revenues increased 25 percent. The number of game transactions continued to increase and amounted to 1.9 billion, an increase of 30 percent compared to the same period 2010.

“At the end of June, Frankenstein was released, a video slot that is based on the classic movie with the same name. Despite launching the game during a period of the year that in general has lower gaming activity, the initial development has been very positive. Frankenstein is priced separately due to the licence fee payable to Universal who holds the rights to the brand. During the quarter, the partnership with Universal was extended with an additional well-known brand that will constitute the base for a game scheduled to be released during the first half of 2012.

“The development of casino games for mobile devices is progressing according to plan and launch of the first games will take place during 2011. Gaming through mobile devices holds increasing potential and expected to become an increasingly important distribution channel going forward.

“Overall, Net Entertainment is well positioned and I expect we will see the results from the investments we have made in the business in the coming quarters.”

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