Playlogic posts profits

Champagne corks may well be flying across the offices of Playlogic today after the company has reported its first-ever full year of profit.

Playlogic has published titles including Obscure II (Obscure: The Aftermath in the US), Infernal, Xyanide, and Ancient Wars: Sparta.

For the fiscal year that ended December 31, 2007, Playlogic is reporting net revenues of $10.1 million, and net profit of $700,000. In 2006, net revenues were $5 million, but the company lost $12.5 million. Net earnings per share for 2007 were 3 cents, compared to 2006, where they were a loss of 51 cents.

The company expects further growth in 2008, both in net revenues and net profit, and expects net earnings per share in the region of 7 to 12 cents. The company also stated it would be shifting its focus to console games instead of PC titles.

Playlogic CEO Willem Smit said that he believed the latest results were a "turning point" for the company, and thanked all the shareholders and investors who had put their trust in the company over the past six years.