DFNN revenue and profit skyrocket in 17H1

Philippine technology firm DFNN Inc. saw net profit rise 456 percent year-on-year to P101.8 million over a surge in revenues from its gaming platform business.

Revenues for the first half of 2017 rose more than eight-fold to P555.9 million. The increase was due to growth in revenue from licensed gaming operations, up by P505.1 million over a similar period last year.

DFNN said its robust performance was attributed to the increase of platform affiliates.

“We are very pleased to share our first half results,” DFNN chief operating officer Ricardo Banaag said. “The company is understandably incurring continuous costs due to increased expansion activities. However, we are confident that the launch of new products under our suite will sustain this progression through to the second half of 2017.”

DFNN’s second quarter net profit rose 59.5 percent year-on-year to P48.6 million, while revenues surged tenfold to P290.5 million.

More news from this jurisdiction

PhilippinesWednesday, Dec 13, 2017

E-games operator PhilWeb Corporation on Tuesday announced it has acquired three PAGCOR eGames sites.

PhilippinesMonday, Dec 04, 2017

E-games software supplier Philweb disclosed on Monday that it has received a letter from the PAGCOR which allows it to offer its services to the first 16 PAGCOR-licensed gaming sites for electronic games.

PhilippinesTuesday, Nov 28, 2017

BMM Testlabs has announced that it has been officially licensed by the Philippine Amusement and Gaming Corp (PAGCOR) to evaluate, test and certify online gaming systems and games for Philippine Offshore Gaming Operator (POGO) licensees.

PhilippinesSunday, Nov 26, 2017

The Philippine Amusement and Gaming Corporation (Pagcor) says it is projecting gross income to reach P61 billion (US$1.2 billion) in 2017.

PhilippinesThursday, Nov 23, 2017

The Cebu City Council has reportedly endorsed an application for Universal Hotels and Resorts (UHRI) to develop and operate an integrated resort and casino facility in the area.

PhilippinesWednesday, Nov 22, 2017

The Philippines is considering legalizing Bitcoin and other digital assets as securities to be regulated under existing security laws.

PhilippinesMonday, Nov 20, 2017

Philippine technology firm DFNN saw its earnings continue to surge at the end of September, with net income for the first three quarters of 2017 reaching P121.3 million, up 15,062 percent compared to the prior-year period.