Swedish gaming operator Cherry AB reported a profit of SEK188 million ($20.5 million) for the third quarter of 2018, a significant improvement from the SEK42 million ($4.6 million) posted in the third quarter of 2017.

In its press release, the company also reported third-quarter revenue of SEK899 million ($98.1 million), a 58% increase compared to July to September 2017. Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 130%, to SEK258 million ($28.2 million).

“The positive trend in sales and gaming volumes continued throughout the third quarter… Cherry’s strategy of maintaining proximity to all parts of the gaming market and end customers is crucial to our continued growth,” Cherry Acting CEO Gunnar Lind said.

In July, subsidiary Cherry Online Polska was granted a sports betting license for the Polish market, with the brand PZBuk being launched in October. Also in October, Cherry agreed to acquire the remaining 5% of shares in subsidiary Game Lounge Ltd.