Despite a quarterly loss of $2.6M in its second quarter, gambling software firm Cryptologic is optimistic about its upcoming fiscal year. At this time last year, the company reported a profit of $8.2M, a staggering change from this year, however the firm blames the downturn on relocation costs.
The company recently relocated its operations from Toronto, Canada to Dublin, Ireland – a move the company says cost them around $4M. If not for the move, Cryptologic would have made a net profit of roughly $2.5M, this despite second-quarter revenue being nearly half that of what it was last year at this time, from $30.4M to $16.2M.
Cryptologic’s President and CEO Javari Aziza sees the costs as keeping with its plan to “return to growth and profitability, with an increase in operating revenue, and a decrease in operating costs.”
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