Cherry Online Casino Group Reports High Profits| Video Slots News> News Archive> 2006> February> Cherry Online Casino Group Reports High Profits |
23 Feb 2006
The Swedish online casino group, which recently split into three operations, has reported great numbers for the fourth quarter of 2005 and the year in total. As with other companies and service providers for the online casino industry, 2005 saw record figures all around. It was certainly a boom year for the online casino industry and everyone in the field is hoping that 2006 will bring even better results.
Cherry online casino group reported on a 46 percent increase in sales in the fourth quarter, compared to the same period in 2004. The company also made a nice profit from the acquisition of the online casino sports-betting company Bettson. For the entire period of 2005, the sales figures increased 45%. Cherry online casino and Net Entertainment brought in SEK 121 million in 2005. Overall profits after tax were SEK 178 million, up by SEK 12 million on the previous year. Total revenue for Cherry’s online casinos was SEK 15 million for the fourth quarter and SEK 48 million for the 12 month period.
Cherry group recently reconstructed and split the company into three: Cherry online which includes online casino and gaming portal Bettson and Casino Euro; Net Entertainment, which is a turnkey provider and online casino software developer; and online gaming machines provide Cherry Casino. Each of these divisions will be independently listed and will be split into three independent companies.
