Online gambling firm?s profit up 20%, hits P1.1B

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Publicly listed online gambling solutions provider PhilWeb Corp. has disclosed that its net income for 2012 increased to a total of P1.1 billion, 20-percent higher than the previous year.

The performance was driven by results from all the company’s operations, especially in its new businesses in the Asia Pacific region.

The fastest growth was delivered by PhilWeb’s Asia Pacific subsidiary, which operates scratch card businesses in Cambodia and Timor Leste, and a Sweeps Center in Guam.

Asia Pacific contributed 9 percent of total revenues, which drove the firm’s consolidated total revenue line to P1.5 billion, 27-percent higher than for the same period in 2011.

Dennis Valdes, president of PhilWeb, said, “We are pleased to note several bellwether events that contributed to making 2012 a record-breaking year for us. First and foremost, we are now a true multinational corporation, with the realization of solid revenues from our Asia Pacific expansion.”

Mike Grandinetti, president of PhilWeb Asia Pacific, added, “We will soon be opening our first e-Games cafe in Timor Leste. This expansion means that e-Games will now become a regional brand for PhilWeb’s quality electronic gaming solutions.”

Valdes also noted that the company’s e-Games cafe business in the Philippines remains strong, with a current total of 277 outlets.

Further, PhilWeb has just set up a new company to produce electronic gaming terminals with a built-in bill acceptor, card reader, and ticket-in, ticket-out printer.

“We have just received the PEZA certification for e-Magine Gaming Corporation, our new gaming terminal business, and we expect it to export a significant number of gaming machines in the coming years.”

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