Friday July 1,2011 : Montreal-based online gambling group see revenues drop
The Montreal-based internet gambling group Amaya Gaming, which has been making waves this year with the acquisition of Chartwell Technology, significant investments in Cryptologic stock and deals in the African state of Kenya, has reported a quarterly loss of $1.8 million.
Management revealed Thursday that Amaya lost $1.8 million in its latest quarter compared with a profit of $449,000 a year ago.
The company said in a statement that the loss amounted to five cents per share in its latest quarter compared with a profit of $449,000 or two cents per share a year ago.
Revenue for what was the company's first quarter totalled $1.1 million, down from $1.5 million.
Amaya attributed the quarterly loss to increased sales, marketing and administrative expenses due to its SMS Lottery operation in Kenya.
Shares in the company were unchanged at $3 on the Toronto Stock Exchange Venture Market.