Betcorp, the Australian parent company of Antigua-based BetWWTS, announced its preliminary results for the fourth quarter of 2004 which showed a net profit of A$2.3m.
It is the first quarterly profit since 2003 and compares to a net loss of A$11.4m in the previous quarter.
The positive result has been achieved through the closure of Sidney office, the re-focus of customer incentives and the development of casino games and online poker offerings.
Although a net cash outflow characterized the fourth quarter, primarily due to the disposal of the Sportsbet subsidiary, the new management team anticipated continued profitability and positive cashflow in 2005.
The company will continue to focus on developing a recreational client base, with a proper approach to bookmaking practices and an emphasis on cost control and margin improvement initiatives.
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