PhilWeb Corp. profit up 92% for last year

05/06/2008

Internet gaming firm PhilWeb. Corp.’s profit rose 92 percent to P222.8 million last year from P116 million the previous year, the company said.

PhilWeb Corp. revenues doubled to P266.9 million last year from P132.9 the previous year.

PhilWeb said its operating income increased five-fold to P121.2 million last year from P23.1 million the previous year.

The company said its revenue growth was fueled by core gaming operations especially in the expansion of its network of Pagcor e-Games cafes.

PhilWeb president Dennis Valdes said the company had 76 cafes last year. PhilWeb opened another 15 cafes this year bringing the network to 91 cafes.

“With our strong cash position, exceeding P500 million, we are well positioned for an even more aggressive expansion,” Valdes said.

Valdes added the company had set a record of P3.5 billion in gross bets last March, reflecting a 70-percent growth rate.

PhilWeb also reported gains on its investment in ISM Communications Corp, whichnow owns 77.7 percent of Eastern Telecommunications Philippines Inc. Earl Paolo Jaculbe

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