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Asiasoft reported second quarter revenue of 320 Million Baht and planned to launch the new game for recovering in the 2nd half 2014

BackAug 13, 2014

13 Aug 2014, Bangkok - Asiasoft Corporation Public Company Limited announced its 2014 quarter 2 results with overall revenue of 320 Million Baht, a 25% decrease from the same period of last year (2013: 429 Million Baht). Chief Financial Officer, Mr. Kenny Goh, reported that this quarter shown a loss of 95 Million Baht, compared to the profit of 37 Million Baht last year. The operating results for second quarter reflected a weak performance both domestic and overseas. Total COGS and SG&A increased 454 Million Baht or 20% (2013: 377 Million Baht) from last year because major impairment and write-off of game licenses and development costs.

The Company has reviewed the game license inventory and made full provision for impairment of game licenses and development costs on games that are under performing or games that the management assessed to have lost its market potential due to the rapidly changing environment. This resulted in 103 million Baht of impairment provision and write off this quarter, primarily from online game development costs amounting to 79 million Baht from our Malaysia subsidiary. No dividend is declared for this quarter.

Mr. Goh updated that the Company is preparing for the launching of 7 mobile games in second half of 2014 across the region. For online games, the Company will be bringing in 2 major eSports titles, namely Blizzard's Heroes of The Storm and Strife by S2, the developer of HON. Further, Asiasoft is finalizing the launch of a new online entertainment services in 2014.

Mr. Goh added that Asiasoft is undergoing a transformation from traditional online game publisher to a total online entertainment services provider. The Company sees many challenges in near term but the Company is confident of delivering greater long-term shareholders value with the upcoming projects and contents in the pipeline.