Profits of PhilWeb up 40% in Q1

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In its unaudited financial statements for the quarter, the company also noted that it achieved revenues of P343 million, 25 percent more than the previous year. Dennis Valdes, president of PhilWeb, said that the company’s core business of providing services to Pagcor in running the latter’s E-Games cafe network had turned in a particularly strong quarter. “Additionally our Asia Pacific business has started delivering revenues and profits. We started selling scratch cards in Cambodia, in addition to our scratch card business in Timor Leste and our sweepstakes cafe in Guam,” Valdes continued. “Our strategy of pushing into new markets is paying off very quickly.” “As a result, our operating income for the first quarter is the highest level we have achieved for any quarter in our corporate history. Added to this, we have the strong results from our investments in ISM Corporation and Acentic GmbH, and the total first quarter achieved its spectacular growth of 40 percent,” said Valdes. PhilWeb likewise disclosed that in its annual stockholders? meeting held Thursday, its stockholders approved the declaration of a 20 percent stock dividend payable on 30 May 2012 to stockholders of record as of May 4, 2012. ]]>

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