Monday, online gaming firm 888 Holdings Plc (888.L), in a trading update, said its total operating income for the second quarter decreased 12% from last year, but increased 7% from the sequential first quarter. In addition, the company noted that trading in July reflected its historic seasonal pattern of softer trading, but expects further progress in second half, especially during the fourth quarter. The Gibraltar-based company's total operating income for the second quarter decreased 12% to US$60.9 million from US$69.2 million in the previous year. Total B2C operating income declined 19% to US$48.4 million from US$59.6 million in the previous year. Total B2B operating income was US$12.4 million, up 28%, compared to US$9.7 million in the corresponding period last year.
During the quarter, total B2C Casino operating income decreased 20% to US$29 million from US$36 million in the previous year. Total B2C Poker operating income was US$13 million, down 36%, compared to US$ 20 million a year ago. The company noted its total B2C Emerging Offering operating income increased 88% to US$7 million from US$4 million in the same period last year. For the six-month period, total operating income declined 13% to US$118 million from US$135 million in the preceding year. Total B2C operating income declined 21% to US$94 million from US$118 million in the same period last year, while total B2B operating income was up 42% to US$24 million, compared to US$ 17 million in the earlier year. According to the company, Casino, Poker and Sport real money registered customer accounts as at June 30 increased 25% to 6.4 million from the same period last year. Looking ahead, the company said it is confident of delivering further growth during 2009 based on additional planned B2C activities and a set of its newly launched B2B partnerships, which 888 Holdings expects to have a positive impact on revenues in the coming months. Gigi Levy, chief executive officer said, "We enter the seasonally quieter summer period with delivery of our strategy on track and we remain committed to investing in the business in spite of the macro-economic environment. We expect further progress during the second half of the year especially during the fourth quarter. Given current trading, the progress of the strategic deals and the launching of new games, we expect to grow the business further during the year."
888.L is currently trading at 85.2 pence, up 2.95 pence or 3.59%, on a volume of 5.03 million shares.
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