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Profits quadrupled in latest quarterly report
Taiwanese company GigaMedia, which took over the Grand Virtual turnkey provider in Canada some time ago, has continued its consistently winning run of results with the release this week of its quarterly report. Revenue soared 155 percent higher to $30.1 million and profits more than quadrupled to $0.17 a share.
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The stellar results reflect the benefit of the FunTown casual gaming portal that GigaMedia acquired early in 2006 and gains from the company's sale of Taiwanese online game maker Gamania. Even so, the companys performance exceeded analyst predictions by over a million.
GigaMedia's vertical poker portal accounted for 43 percent of the company's revenue this past quarter, and it's growing a lot faster than the rest of the company, according to an assessment by Motley Fool. With 90 000 cash-depositing accounts - and growing - the company is reflecting the continued resilience of the online gambling industry.
The exec team at GigaMedia has a sound track record of astute wheeling and dealing, acquiring a controlling interest in China's online sports game leader, T2CN, back in January. That came a month after investing in Infocomm and securing the rights to license Hellgate: London in Taiwan, Hong Kong, and Macau.
In December, the company also cashed in on the popularity of its FunTown casual gaming portal by striking a licensing deal with Yahoo! in Taiwan. Like a good poker player, GigaMedia always seems to keep its options open.
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