Hong Kong-based GigaMedia Limited, the firm behind online poker site EverestPoker.com, has announced its quarterly results revealing a 24 percent rise in net profits from the same period last year to twelve million dollars.
GigaMedia also owns online gambling software developer Everest Gaming and reported that its profits for the third quarter were seven percent higher than those reported for the previous period partially due to the disposal of its Legacy cable and corporate Internet service provider business in September.
The firm revealed that audited consolidated revenues increased 16 percent to $45.7 million from $39.3 million for the same quarter in 2007 but decreased seven percent from the previous reporting period. However, its audited consolidated income from operations decreased 42 percent year-on-year to $5.8 million from ten million dollars for the same quarter in 2007 and was 50 percent lower quarter-over-quarter.
'GigaMedia performed well in the third quarter despite the normal summer slowdown and the negative affects of the Olympics on player activity,' said Thomas Hui, President for GigaMedia.
'We look forward to continued growth in our core businesses driven by a strong line-up of new games and sponsorships.”
It stated that the third quarter was very exciting as it added over 40 new casino games to its Everest Gaming platform including Marvel's Incredible Hulk, Spider-Man and X-Men. In addition, EverestPoker.com received one of the online gaming industry's top honours, the Poker Operation of the Year award, for the second consecutive year at the annual eGaming Review Awards ceremony in London. GigaMedia revealed that this distinction highlights the quality and remarkable growth of the poker site as it grows into one of the industry's most trusted and exciting brands.
'The financial turmoil has created many concerns, many fears,' said Arthur Wang, Chief Executive Officer for GigaMedia.
'Nevertheless, the fact is we continue to run a high-growth business generating high levels of free cashflow and look to an even better 2009 supported by a strong balance sheet and cash position with no net debt.'