Philweb Corp earnings doubled

Net income soars 52 percent at Philippines online gambling company

Earnings of PhilWeb Corp. more than doubled in the first quarter of 2010 on the back of strong revenues from its gaming operations, the Philippines company reported this week.

In a statement, PhilWeb said its net income grew 52 percent to P150 million in the first quarter of 2010, up from P99 million in Q1 2009 as revenues surged 42 percent to P239 million from P168 million last year.

The company is a dominant player in the local internet gaming sector, and the technology enabler of the Philippine Amusement and Gaming Corp. (Pagcor).

PhilWeb president Dennis Valdez attributed the company's strong earnings to the continuous improvement in its Pagcor e-Games (PEGS) café operations, as well as the launching of new games. PhilWeb now operates a total of 177 PEGS cafés.

“We actually projected that new PEGS café openings would slow down a bit due to the oncoming elections, but this has not proved to be the case,” Valdes noted. “Our total bet volume and daily player statistics show double-digit increases versus last year, and we are confident that this trend will continue as awareness of the PEGS increases.”

Philweb's other interests also appear to have prospered with the online peso-based online casino, Homeplay, now operational through Pagcor. Other products include Premyo sa Resibo, a mobile raffle conducted on behalf of the Bureau of Internal Revenue; Basketball Jackpot, which is offered through its network of 185 Internet sports betting kiosks; and Bid Wars, a text-based reverse auction.

"We are confident that 2010 will be another banner year for PhilWeb and are happy that the results of the first quarter show that our business plans are progressing very solidly," Valdes remarked, adding that the company expects its net income to reach over a billion pesos this year, double its 2009 net income of P551 million.

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