Playlogic sees $20m loss

Playlogic announced a year-on-year loss of $20.3m today for its fiscal year ending December 31st, 2009.

However the publisher’s net revenues were up from the same period in its previous year increasing $9m to $11.1m – a 23 per cent rise year-on-year.

It also reached an agreement with shareholders and debt holders to restructure $21m of debt in a bid to avoid share dilution.

In 2008 Playlogic recorded a loss of $9.5m – less than half of this year’s $20.3m drop, which was attributed to a higher spend on the advertising and marketing of its titles.

In a statement Playlogic said: In addition to spending more on advertising and marketing, research and development expenses increased in connection with the final push for Fairytale Fights.

Playlogic’s in-house studio is now working on new projects, of which the costs are already expensed until we reach the next phase in the development.”