Philweb Financials Plummet

Philippines-based betting firm Philweb Corp has posted their second quarter 2016 financial results, noting plummeting net incomes.

Key financial indicators for the second quarter ending June 30th, 2016 were:

  • Net income of P22.5 million, down 89% from last year
  • Comprehensive income to shareholders of P22.6 million, with earnings per share at 17.18 centavos, down 1.9 centavos from last year
  • Revenues up 9% to P435.3 million

First half numbers were:

  • Revenues of P850 million
  • Net income down 43% to P235 million
  • Costs up 91% to $576.5 million

The results come as former company chairman Roberto Ongpin has announced he is auctioning off his 53.76% share of the company.

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23 August 2016 - 8:39pm

That's a huge fail of course and I wonder what might cause that?
In a period of time when the online gambling business is still in a rise those a strange numbers.