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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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$75K Win on Mobile Slot @ CafeCasino - Café Casino’s mobile slot, Achilles, paid out in a big way over the weekend. A player from Pennsylvania, Rob J., triggered the game’s free spins mode by landing three scatters.

Microgaming’s The Phantom of the Opera online slot live today - Available to Microgaming and Quickfire operators, The Phantom of the Opera online slot goes live Wednesday 1 November 2017.

2017 Punta Cana Poker Classic Results - The 2017 Punta Cana Poker Classic is now in the books and players are returning home after a week-long poker celebration. And after a major final table deal, two players have the most reason to celebrate. Roberto Carvallo ultimately won the tournament after negotiating a final table deal with Jamin Stokes.

NHL Odds: Winnipeg Jets vs. Minnesota Wild - Blake Wheeler and the Winnipeg Jets will attempt to get two points closer to the Central Division lead on Tuesday, as they take on the Minnesota Wild on the road. The Jets have started strong, and sit in second place in their division. Led by RW Blake Wheeler, the Jets look like a team that could make some noise in the West this season.

Historic weekend at Americas CardRoom - ACR ran two $1,000,000 guaranteed tournaments last Sunday for the first time in their history; a $2,100 high roller for the BOSS Main Event and a $540 buy-in Million Dollar Sunday. They were both on the last day of the $14 Million OSS Cub3d.

WPN Affiliates Headed to Berlin Affiliate Conference - With the Berlin Affiliate Conference just over a week away, WPN Affiliates is making a bold statement. The online poker affiliate network announced that they are eager to buy traffic and ready to make deals with affiliates looking to capitalize on some big innovations.

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