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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 :

Local Florida Poker Pros Scam Marc Klang For $500k - Previous scumbag rightfully wins over $500,000 gambling against a conglomerate of local poker pros. After using every excuse possible, said group decides they are not paying out any money. After some time they pay out $43k of 500k. Winner warns community of the groups actions to prevent similar future scams.

2017 Super High Roller Bowl Schedule - Poker Central, POKER PROductions and the Aria Resort & Casino have released details on the 2017 Super High Roller Bowl taking place 28-31 May.

Super Multitimes Progressive HD Slot - This 3-row, 5-reel slot features Multipliers, Wilds, Free Spins and four Progressive Jackpot levels offering increasing wins to heighten player engagement.

2017 Aussie Milliona Updates Events 2,3,4 - Taiwan's James Chen bested Australian Rainer Quel heads up to win the first championship ring of the series in which he defeated a field of 48 players in Event 2: $2,500 H.O.R.S.E. earning the top prize of AUD$39,700.

Juventus name VWin as Partner - “We are very satisfied with this new regional partnership that confirms Juventus’ global growth in high potential markets such as this one,” Giorgio Ricci, co-chief revenue officer & head of global partnerships and global revenue for Juventus said.

Luckia Group 2016 Results - The group reports record turnover of Euro 269.66 million, up 12 percent over full year 2015 with EBITDA standing at Euro 44 million, a 26 percent increase over the previous year.

Fire Rooster Slot Launches - This 5-reel, graphic-rich slot is based on the Chinese legend, The Rooster’s Lament, in which the Jade Emperor chooses specific animals to represent the months of the year.

n2-Live Updates - The company promises new features designed to enhance the playing experience that “further distance our gaming solutions from the ‘me too’ products currently available in the market place.”

Betfred FY 2016 - Betfred has seemingly reversed its fortunes with a strong 2016 delivering a GBP 28,438,000 operating profit as opposed to the GBP 77,312,000 loss in fiscal year 2015.

BetConstruct has joined the National Council on Problem Gambling - BetConstruct has joined the National Council on Problem Gambling (NCPG) saying it feels a duty to support an organization that strives to keep gaming fun and safe for all.

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