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PHILWEB Corp. said it expects growth last year to be replicated this
year, as the company reported that its net income nearly doubled on
increased online casino operations.
In a statement, Philweb said earnings jumped 92
percent to P222.8 million over the P116 million the previous year.
Revenues surged 100.82 percent to P266.9 million
from P132.9 million over the same period.
“Revenue growth was fueled by overwhelmingly
positive results from core gaming operations, especially in the
expansion of its network of PAGCOR (Philippine Amusement and Gaming
Corp.) e-Games Cafés, plus positive results in sports betting and
mobile gaming operations,” Philweb said.
Its operating income increased by almost P100
million to P121.2 million last year from P23.1 million in 2006.
Dennis O. Valdes, Philweb president, said the
network of PAGCOR e-Games Cafés, which continues to expand around
the country, was the key revenue driver for the period.
“At the end of 2007 we had a total of 76 cafés,
meaning we opened 32 in 2007. As of today, we have already opened
another 15 cafés, bringing the network up to 91 cafés,” Valdes
said.
“With our strong liquidity position, which
exceeds P500 million as of today, we are well positioned for an even
more aggressive expansion of our gaming network for 2008,” he
added.
The Philweb executive expects last year’s
strong results to continue this year.
In March, alone, the company set a record of
P3.5 billion in gross bets, reflecting a 70 percent growth rate.
Philweb also reported strong gains on its
investment in ISM Communications Corp., which in turn already owns
77.7 percent of Eastern Telecommunications Philippines, Inc. (ETPI).
Philweb’s equity in the net earnings of ISM stood at P102 million
last year, a 36 percent increase from the previous year.
-- Darwin G Amojelar
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