RNS Number : 8301I
  AsianLogic Limited
  24 November 2008
   

    24 November 2008

    AsianLogic Limited 
    ("AsianLogic" or the "Company") 

    Trading Statement 

    On 30 September 2008, the Company reported positive interim results and stated that it was confident of delivering growth in revenues
and profitability in the current financial year and beyond.

    The Board maintains this positive outlook for the long term development of the Company and reiterates that AsianLogic continues to grow
both organically and through acquisition. The business continues to increasingly focus on higher margin retail delivery of gaming services
rather than acting as a wholesale reseller as it develops and this gradual shift in income generation is progressing well. 

    However, the Board is aware that the Asian-Pacific gaming marketplace, the Company's principal operational arena, is not immune from the
now widely predicted global economic slowdown and the Company has reacted to this by instigating the closure of certain wholesale betting
operations. This risk management initiative, while prudent and in the medium to long term interests of the Company, will have a material
impact on the Company's trading in 2008.

    Coupled with this decline in wholesale betting, a number of land-based gaming initiatives which were due to be launched in 2008 have
been purposefully delayed until 2009 to ensure that the maximum commercial benefit is achieved from 2009 onwards. 

    Acquisitions and corporate finance activities proved more difficult than expected in 2008 due to general extremely poor investment
market conditions but the Board sees significant opportunities in 2009, both directly for the Company and its investment fund which is now
due to launch in the first quarter of 2009. Income from China-facing operations is expected to commence in early 2009. 

    As a result of the above prudent and risk averse actions, the Company believes it will not meet 2008 market forecasts and expects 2008
full year pre-tax profits to be only marginally higher than the US$7.05m (before tax and adjustment for share-based awards), achieved at the
30 June 2008 interim stage and reported on 30 September 2008. On this basis, the 2008 results will be significantly below current market
expectations.

    The Board believes that the 2008 shortfall are one-off in nature and does not reflect the long term development potential of the Company
which continues to be profitable, highly cash generative and enjoys a strong balance sheet with no borrowings. The Board reiterates its
confidence that the medium to long term ability of the business to develop significant returns for shareholders is unchanged. 

    - ends -


    For further information contact:

    Tom Hall, Chief Executive Officer
    AsianLogic                                      
    C/O Bell Pottinger Corporate & Financial                  +44 207 861 3232

    Mark Connelly
    Collins Stewart                                                                +44 207 523 8350

    David Rydell/Olly Scott/Helen Tarbet
    Bell Pottinger Corporate & Financial                         +44 207 861 3232
                                              

    NOTES TO EDITORS

    AsianLogic
    AsianLogic is a leading online and land-based gaming company focusing on the Asia-Pacific markets.  The Company operates eight online
casino brands and four online poker rooms as well as land-based sportsbook operations through its MegaSportsWorld brand.  It is a specialist
in Asia-specific games such as Mahjong, Cho-Da-Di, Do-Di-Zhu and 13 Card Poker. The company owns and operates The Asian Poker Tour.

    The Company also maintains a corporate advisory team specialising in the gaming sector which is an active investor in gaming-related
businesses as well as providing consultancy and analytical services.  AsianLogic enjoys strong commercial relationships with leading gaming
providers including Playtech and LVS.  Founded as ESL in 2002, AsianLogic employs more than 300 employees, the majority of whom are based in
the Philippines.

    www.asianlogic.com

    www.asianpt.com



This information is provided by RNS
The company news service from the London Stock Exchange
 
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