The Bingo website Bingo.com has released its financial reports regarding the first quarter of 2012. Despite the fact that it has reported a net loss, which is a direct result to the huge investments in the marketing department of the company; the company has reported a 64 % increase in its revenue when compared to the first quarter of 2011.
The company has been having positive financial reports since it has become a part of the Unibet partnership program. This partnership has increased its revenues and the number of international users who use its services. This came as a result of the purchase of 25.9 % stake of Bingo.com by Unibet for a total of 2.25 million dollars, this happened in May, two years ago in 2010.
The financial report has indicated the performance of Bingo.com for the first quarter of 2012 until the 31st of March. The numbers came as followed; the total revenue for the company increased by 5 % from the first quarter of last year, achieving an amazing 231,177 dollars. The positive working capital has reached 1,034,388 dollars and cash worth 673,999 dollars. The revenues from advertising have increased by 22 % from the first quarter of 2011, it amounted up to 19,382 dollars. Finally, the net loss was equal 24,930 dollars; this shows a significant decrease in the net loss when compared with the first quarter of 2011, a 97% decrease.
The Chief Executive of the company, Jason Williams discussed the plans for the upcoming period. He stated that for the next quarter, the company is planning to focus on the retention of the players and lowering the investments done in the marketing section. “This will lead to the return of profitability.”