The Finnish online gaming company behind Habbo Hotel, Sulake, has reported it’s 2009 earnings along with H1 2010 figures. In 2009, Sulake accumulated a loss of 4.4 million euros. However, it also reported that for 2010 revenue reached 29.1 million euros which is 20% higher than in 2009 in the same period. Furthermore, EBITDA in the same period increased 63% to 3.5 million euros with a solidly positive cash flow, according to the company blog post.
Last year, Sulake managed to grind a turnover of 49.1 million euros. 40 of those came from consumer sales, 9 from media and a 0.1 from miscellaneous sources of income. 2009 saw a slight decline in revenue compared to 2008, when revenue was 50.1 million euros.
Sulake has to be one of the most well known and respected Finnish online consumer companies out there. However, as Kauppalehti rightly puts it, over 20 million euros of accumulated losses will have to be covered before Sulake will grow to cumulative profit. It won’t be easy, but the first steps to get there have certainly been taken.
What are your thoughts on Sulake? Where have they excelled and where is there room for improvement?