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ASX stock of the day: Ainsworth Game Technology (ASX:AGI) shares rise 11%
Sebastian Bowen | March 15, 2021 4:30pm |
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Ainsworth Game Technology Limited(ASX: AGI) share price performed exceptionally well today, closing the session up 10.96% to 81 cents. Ainsworth shares had closed at 75 cents each on Friday afternoon, but opened at 80 cents apiece this morning, a level around which they essentially revolved all day.
This latest move in the Ainsworth share price caps off what has been an especially pleasing few months for shareholders. Back in early November 2020, Ainsworth shares were trading for 28 cents each. That means at today’s prices, the shares are up 189% since then. However, they are also still down 25% from the peak of $1.08 per share we saw at the end of last month.
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Australian, North American markets show strong recovery but Latin American woes push Ainsworth to AU$50 million loss through December 2020
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Australian slot machine developer Ainsworth Game Technology has reported a loss after tax of AU$50 million for the six months to 31 December 2020, impacted by the deterioration of its Latin American business during COVID-19 and an AU$13 million currency translation loss. Loss before tax was AU$14 million.
However, there is light at the end of the tunnel for Ainsworth with the company reporting a 71% increase in revenues compared with the first half of 2020 to AU$72 million, Adjusted EBITDA was also positive at AU$6 million, aided by AU$5 million in government subsidies to help navigate the pandemic.
Ainsworth Game Technology Ltd reported a loss after tax of AUD50.1 million (US$39.9 million) for the six months to December 31, compared to AUD4.0-million profit a year earlier. The latest result includes “one-off impairment charges” of AUD29.2 million, “primarily due to the recent deterioration in the group’s Latin America business,” stated the gaming supplier in a Thursday filing to the Australian Securities Exchange.
The half-year results also include a currency-exchange loss of approximately AUD13 million due to the strengthening of the Australian dollar against the U.S. dollar, said Ainsworth Game.
“Excluding currency impacts and impairment charges… the loss before tax was AUD14 million in the current period,” it added.
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