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Ourgame revamp on track despite further 3Q17 losses

Wednesday, 29 November 2017 05:19
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Chinese poker, eSports and online gaming company Ourgame Holdings Ltd says its business revamp is making solid progress, despite another tough quarter that saw revenue plummet 37.4% on the same period in 2016.

Ourgame reported revenue of RMB142.3 million (US$21.5 million) for the three months to 30 September 2017, down from RMB227.4 million (US$34.4 million) 12 months earlier and a 6.8% decline on second quarter revenue of RMB152.7 million.

However, the company saw its loss narrow sequentially from RMB23.7 million (US$3.6 million) in 2Q17 to RMB5.1 million (US$772,400) in the third quarter as it implemented major changes to its core products.

Those changes include adding new user features and third-party payment methods including WeChat Pay and Alipay.

“We expect that within the fourth quarter of 2017, we would have completed the launch of our new third-party payment based mobile games products into most of our key distribution channels and the majority of our mobiles games income will be through WeChat, Alipay and other third-party payment channels. Our new third-party payment based mobile products will bring significantly better payment channel stability and enhanced margin to our mobile businesses going forward,” it said.

Ourgame has also initiated its plan to expand its World Poker Tour (WPT) brand into new markets, most notably Japan, India and Brazil. The company held its first ever WPT Brazil live tournament series in August and followed that up with the inaugural WPT India earlier this month.

Ourgame added that its eSports business, Allied eSports, launched its Shenzhen eSports Arena in September with partner Shenzhen SaiGe, stating that, “With the rapidly expanding arena venue network, branded tournaments and content production, AES continued to solidify its leadership position in the eSports space and will be actively seeking strategic partners to accelerate its growth.”

Revenue from Ourgame’s key Chinese customer based declined 37.9% to RMB122.7 million in 3Q17, including a 6.1% sequential decline.

 

 

 

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