Profits decline in fiscal 2009 as a result of economic downturn and adverse currency movements

Online gambling giant 888 Holdings reported a decline in profit in fiscal 2009 as a result of the economic downturn and adverse currency movements.

Pre-tax profit for the year fell to US$27.6 million, or 7 cents per share, from $40.2 million in 2008, or 10.7 cents per share.

Total revenues dropped to $246.7 million from $256.8 million.

Revenues from the company’s casino segment dropped to $118.7 million from $133.1 million a year go. Poker revenues were $51.6 million, down from $71.6 million in the prior year.

On the plus side, revenues from the business unit known as Emerging Offerings segment were up 82 percent from last year to $25.1 million, and business to business revenues grew 33 percent to $51.3 million.

888 launched its Dragonfish B2B division last year and signed a number of high-profile deals, including agreements with bwin Italia and Harrah's International Entertainment, to provide online services.