POKER machine maker Aristocrat Leisure says tough conditions across all markets played a part in its net for calendar 2009.
The Sydney-based Aristocrat posted a net loss of $157.84 million, compared to a profit of $101.21 million in 2008.
The company said the result was largely due to impairment charges and a provision of a net $187.30 million relating to a potential damages liability associated with a US convertible bonds litigation.
"During the period, Aristocrat faced adverse conditions across all major markets, with operators highly cautious about capital expenditure and limited new venue openings in North America and other markets," the company said in a statement.
Aristocrat said 2010 was expected to be another tough year as it continues its three-to-five-year turnaround strategy begun in August last year and no final dividend for 2009 will be paid.
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Company earnings before interest and tax (EBIT) returned a loss of $193.97 million, while revenue was down 15.9 per cent to $908.65 million.
Aristocrat chief executive officer Jamie Odell said the company had benchmarks in place and things were progressing to plan.
"While we are still in the early stages of our three-to-five year turnaround, we are making important and steady progress across the breadth of our strategic change agenda," Mr Odell said.
"However, 2010 is going to be another tough year and we have a lot of work ahead to embed the improvements were making across the business and turn them into sustainable top line momentum," he said.
He said in 2010 Aristocrat's operational performance would continue to be affected by macro factors.
"We will, however, maintain our focus on the things within our control: improving our fundamentals and positioning Aristocrat to take full advantage of opportunities as they arise and as conditions improve," Mr Odell said.
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