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Chinese Online Games Business Helps GigaMedia

Hong Kong-based gambling operator’s revenues up 31 percent to $52.5 million with net income rising to $11.2 million.

Friday 15th August 2008

Online gambling software provider GigaMedia Limited has announced strong second-quarter results with revenues rising 31 percent to $52.5 million while operating income grew 18 percent to $11.9 million. The Hong Kong-based firm behind EverestPoker.com revealed that its growth was due to sharply increased contributions from its online games business in China along with continued solid growth in its poker software business in continental Europe. Net income came in at $11.2 million, an increase of eleven percent year-on-year but down seven percent compared with the first quarter of 2008. In addition, GigaMedia reported that its revenues had decreased by four percent when compared with the previous quarter while operating income had dropped by eight percent. 'We delivered solid results in the second quarter despite a difficult operating environment,' said Arthur Wang, Chief Executive Officer for GigaMedia. “Looking forward, EverestPoker.com's sponsorship of the World Series of Poker, ever stronger casino software results and new game launches in Asia should ensure strong growth and momentum in the second half. 'In addition, our new Everest Sportsbetting offering will launch in the fourth quarter and drive growth from the strong crossover and tie between poker players and sports bettors.” 'Our new partnership with Electronic Arts to run NBA Street online in China consolidates our position as the top sports game operator,' said Thomas Hui, President for GigaMedia. 'We plan to make NBA Street online the number-one sports game in China, drawing from the country's 300 million basketball fans.'

 


Source: OnlineCasinoNews