he developer also reported profits of us$ 6.5 million for the year to the end of December including a tax credit of us$ 2.7 million and a profit on the sale of investment of us$ 1.3 million.
This compares with a loss of us$ 21.6 million in 2010. Expenses fell by us$ 24.8 million, a drop of 48% with cash increasing by 57% to us$ 16.6 million. Fourth quarter revenues were slightly down at us$ 7 million compared to us$ 7.2 million but expenses remained static at us$ 5.9 million.
David Gavagan, Chairman and Interim CEO for Cryptologic, said, 'While trading conditions remained challenging throughout the year, our strategy and restructuring and the commitment of our people over the past 18 months have returned the business to profit for the first time since 2007 and delivered the first annual increase in revenues and cash for five years.'