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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 :

GVC In Content Deal With Microgaming’s Quickfire - Microgaming-powered Prima Networks Limited will supply over 50 new titles to GVC’s recently acquired bwin Casino, PartyCasino and Party Poker gaming sites within the coming weeks.

Opap in memorandum of understanding With Inspired - Virtual sports provider Inspired has entered into a memorandum of understanding (MOU) with Greek betting and lottery operator OPAP for the supply of its full suite of virtual sports, for integration online and across OPAP's retail network.

DeltaCorp To Acquire ace2three - Our readers will recall Delta Corp. acquired a 26 percent stake in Gaussian Networks, parent company of India’s largest online poker operator Adda52 earlier this month

More Australian POC Taxes - In an interview with The Australian, Tabcorp chief executive offer David Attenborough warned “global rivals” of his belief that other Australian states are moving fast to follow South Australia’s lead in implementing a point of consumption tax.

William Hill Exits Russia - "Starting from September 23 William Hill Casino Club will terminate its activities in the Russian territory for legislatory reasons. All active customer accounts will be suspended," the advisory reportedly detailed.

Pennsylvania Online Gambling Hearing Postponed till October - HR 2150, which includes DFS and e-gaming elements, was passed as part of the critical state budget bill by the House in June this year, with lawmakers expecting the bill to contribute $100 million annually in licensing and fees to help balance the state budget.

Two Mega Fortune Dreams Jackpots Hit - Both Swedish players, the first lucky punter hit a GBP 100,000 jackpot playing on his mobile phone, while the second, identified as Martin, staked just 18p before netting a GBP 60,000 jackpot on the popular series thinking he was playing in demo-mode.

ASA Looking at Ladbrokes and Netbet ads - A TV ad for Cosmo Gaming’s NetBet online casino was determined by the UK Advertising Standards Authority (ASA) as glamorising online gambling following a single complaint.

Betconstruct In Deal With Realistic Games - BetConstruct has agreed a deal in which it will integrate a range of Realistic Games online table and slot content including blackjack, roulette and slot titles Super Graphics Upside Down, The Fruit Factory and Fireworks.

XLMedia Half 1 2016 Earnings Report - Online gambling marketing company XLMedia, which operates websites driving players to online casino operators, delivered robust interim results for the first half of 2016, attributing its success to investment in technology.

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