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PHILWEB Corp. said its net income doubled in the first quarter of
the year, boosted by its Internet gaming business.
In a statement, the online gaming company said
profits jumped 107 percent to P82.8 million from P40 million in the
same three-month period last year.
The company’s revenues reached P88.8 million,
higher by 45 percent from last year’s P61.3 million.
In addition to its core gaming business results,
PhilWeb also reported strong gains in its investment in ISM
Communications Corp., which in turn now owns 77.7 percent of Eastern
Telecommunications Philippines, Inc.
The company’s equity in the net earnings of
ISM amounted to P40.2 million compared with P8.6 million for the
same period last year.
“Growth in our PAGCOR [Philippine Amusement
and Gaming Corp.] e-Games Cafés has exceeded our targets, and are
confident we can accelerate this rapid growth over the next
quarters,” Dennis Valdes, PhilWeb president said, referring to its
tie up with state-run PAGCOR.
“Online gaming is still very much a sunrise
industry in the Philippines, and we have proven to be in the best
position to benefit from the explosion of interest in the medium.”
Valdes said, adding the company has 92 PAGCOR e-Games Cafés in the
country, an increase of 16 since the start of this year.
-- Darwin G. Amojelar
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