DFNN Inc. recorded a P35.25-million attributable net loss during the second quarter, citing the temporary closure of its gaming operations due to the coronavirus disease 2019 (COVID-19) pandemic.
The listed company said in a stock exchange disclosure on Wednesday that its bottom line for the April-to-June period is 45.4% lower than the previous year’s P64.5-million net loss attributable to parent firm equity holders.
DFNN’s total revenue for the quarter rose 104.1% to P112.42 million, of which commission income contributed P86.42 million, followed by service fees at P22.28 million, and sale of licenses at P3.71 million.
For the first half, DFNN reported a P63.25-million attributable net loss, 24.2% lower compared with the P83.49-million loss incurred in the same semester in 2020.
Total revenue for the six-month period fell 17.2% to P268.89 million from P324.88 million the previous year.
Of the total, commission income accounted for P213.14 million, followed by service fees at P45.85 million, and sale of licenses at P9.9 million.
“Total revenue during the first six months decreased by 17.2% compared to the same period of 2020 mainly due to the decrease in commission income. Total revenue derived from commission income amounted to P213.14 million compared to P243.53 million for the same period in 2020 attributable to the temporary shutdown of gaming operations due to the COVID-19 lockdown,” DFNN said.
DFNN President and Chief Executive Officer Calvin Lim said the positive result of the company in terms of revenue was due to InPlay.ph.
“It is an undeniable success as customers now opt to use the same for the reliability and convenience that it offers,” Mr. Lim said.
Gross gaming revenue (GGR) of InPlay.ph, under DFNN’s subsidiary Inter-Active Entertainment Solutions Technologies Inc. (IEST), reached P113.9 million in the first half.
Consolidated costs and expenses of DFNN for the first half fell to P311.9 million due to the temporary closure of the gaming business sector amid lockdown measures.
Meanwhile, DFNN said its subsidiary, iWave, Inc., launched the Global Trade Exchange (GTX) platform under its Seychelles unit GlobalTradeX, Ltd., which allows the issuance, custody, and trading of digital assets across borders under the jurisdiction of the Authority of the Freeport Area of Bataan.
“iWave was awarded a license to operate the Digital Asset Exchange to serve exclusively non-Filipino clients and non-Filipino issuers,” DFNN said.
The company disclosed that GTX has over $2.9 billion in the pipeline from issuers that plan to list on the exchange before the end of 2021.
“iWave’s mandate allows for the operation of various financial and capital market services on the platform. This includes the trading and settlement of Digitized Securities, Futures, Commodities, and Derivatives. Currently, GTX has over 500 Digital Asset pairs available for Spot, Margin, and Futures trading via the web, iOS and Android. GTX also provides Fiat P2P, Lending and Staking as a service,” DFNN said.
On Wednesday, shares of DFNN at the stock exchange rose 6.10% or 23 centavos to end at P4 apiece. — Revin Mikhael D. Ochave
