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AWFUL Q2-2016 FOR PHILWEB

AWFUL Q2-2016 FOR PHILWEB
 
Nine-fold decline in profitability at beleaguered Philippines online gambling company.
 
The embattled Philippines online gambling technology supplier Philweb Corp., has posted its Q2-2016 results amidst the chaos caused by new national president Rodrigo Duterte (see previous InfoPowa reports), reporting a nine-fold weakening in profitability due mainly to asset impairments.
 
The company booked a net income of P22.5 million, which settled 89 percent below the P203.1 million recorded for the comparative quarter in 2015.
 
Total comprehensive income attributable to equity holders of the parent plummeted to P22.6 million from P203.7 million, with basic earnings per share dropping to 1.9 centavos from 17.18 centavos.
 
The company generated 9 percent more revenues - to P435.3 million from P400.9 million - in Q2, and its income from Internet application services went up 4 percent to P356.1 million, while commission rose by 37 percent to P79.1 million.
 
In the first half od this year PhilWeb recorded revenues amounting to P850 million, a 7 percent improvement from the P797.2 million generated for the previous year’s first half. It also netted P1.2 million from other income sources.
 
Six-month net income, however, tumbled 43 percent to P235 million from P411.2 million as soaring costs and expenses rose 91 percent to P576.5 million from P302 million. It attributed the increase mainly to the “accrual of expenses and impairment of assets as a result of temporary suspension of e-Games operation.”
 
The licensing from PAGCOR has since expired, with Andreas Domingo - the head of that organisation - implying that there will be no renewal .
 
Recently resigned Philweb chairman Roberto Ongpin is expected to announce the results of an auction of his 53.76 percent majority Philweb shareholding later today (Wednesday).
 
InfoPowa readers will recall that last week he announced the auction, along with his decision to immediately step down as chairman due to criticism from the state president.
 
The auction could be moot; The winning bidder can withdraw from the transaction if PhilWeb fails to secure a new contract with PAGCOR until Aug. 31.
 
The release of the Q2 results was followed by a further 14 percent decline in the Philweb share price Tuesday.

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Gambling News :

PokerStars.CZ has launched in the Czech Republic - PokerStars.CZ has launched in the Czech Republic, becoming the first licensed online casino and poker operator under the Czech Republicís new gaming regulation. This follows on from the approval by the Czech State Supervision of Gambling and Lotteries Department.

Luckia Games in Partnership with NYX Gaming Group - NYX will provide Luckia with its open gaming system, NYX OGS, and open platform system, NYX OPS, to support the growth of its established Spanish operation.

Sunbets to Sponsor Sutton United - Online betting operator Sun Bets has inked a one-off sponsorship deal with English association football club Sutton United for its upcoming televised clash against Arsenal FC in the FA Cup fifth round tie.

Time is Money Slot Launches - Set to a catchy tune, Time is Money offers a free spins bonus where all wins are multiplied by up to x12 by a random multiplier, selected from the time traveling clock.

ArenaCube Signs 3 New Deals - Under their strategic partnership, ArenaCube and Kiron will develop and launch a new version of Arena Challenge in 2017. The new version of the game will carry Kironís virtual content.

First Woman to Win a WPT Playground Championship - Besting a field of 380, in the C$3,500 buy-in event, Zajmovic beat Jean-Francois Bouchard in heads up play, pocketed the C$261,000 first prize and a seat in the season ending WPT Tournament of Champions.

NHL Odds: Oilers-Blackhawks at the United Cente - Fans at the United Center will be treated to a potential Western Conference playoff preview this Saturday when the upstart Edmonton Oilers visit the Chicago Blackhawks. The puck drops at 7 PM ET on WGN.

2017 Partypoker.net WPT Playground main event Results - Although she entered the heads up against Jean-Francois Bouchard with a chip deficit, Zajmovic was able to get herself back in the game with some skillful and disciplined playing, eventually overtaking the leader and finally leveraging her chip advantage into a decisive win.

IGT In Deal With Norsk Tipping - International Game Technology has announced a new contract signing which will see it providing interactive casino and Instant Win game libraries and custom games through a remote game server to Norwegian gambling group Norsk Tipping.

ZYNGA POKER ENJOYS IMPRESSIVE GROWTH IN 2016 - By re-focusing on the mobile environment and poker, social gaming giant generates revenue of $741 million - without offering real money games!

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