But the Firm Is Optimistic Its Ventures In Tourism and Gaming Will Put It Back to Black in 2011
MANILA, PHILIPPINES - Diversifying information technology service provider, DFNN, said that despite booking a loss this year, it is counting on its investments in gaming and tourism to put it back on black.
DFNN Chairman and President Ramon Garcia told media recently that the company expects to be in the red this year due to the deployment of its system but expects next year to be a better year for the firm once its investments start churning in revenue. Last year, DFNN booked a P214.38 million loss or about US$ 5 million dollars.
According to Garcia:
"We should be losing money this year because we're just rolling out our systems. Hopefully, if the deployment goes as fast, next year should be better than this year."
By next year, tourism and gaming will have constituted 80% of DFNN's business portfolio.
DFNN has been busy with gaming partnerships of late securing deals with Inspired Gaming, OpenBet, and Betfair. It is currently negotiating a deal with financial spreads betting firm, London Capital Group.
DFNN has also launched a new subsidiary, Essence Asia Philippines, a joint-venture with Uniglobal Holidays Pte. Ltd. of Singapore. With Essence Asia, DFNN hopes to make the Philippines a primary tourist destination for Russian tourists and is aiming to raise visits by rich Russians from the current 14,000 estimate to 50,000. The firm is injecting some P250 million (or US$5.8 million dollars) in Essence Asia to realize this. Its partner Uniglobal currently services 85% of Russian tourists coming into Singapore and also brings them to Bali and Thailand.
Source: Manila Times
Posted: November 8, 2010
