PhilWeb net income breaks past P1B

MANILA, Philippines - Earnings of gaming solutions provider PhilWeb Corp. breached the P1-billion level last year on the back of better operations in Southeast Asia.

In a statement, PhilWeb said its net income surged 20 percent to P1.1 billion last year as revenues jumped 27 percent to P1.5 billion from a year ago.

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

The fastest growth came from PhilWeb’s Asia Pacific unit that operates scratch card businesses in Cambodia and Timor Leste, and a Sweeps Center in Guam.

PhilWeb said Asia Pacific accounted for nine percent of total revenues.

“We are now a true multinational corporation, with the realization of solid revenues from our Asia Pacific expansion,” said PhilWeb president Dennis Valdes.

“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,” said Mike Grandinetti, president of PhilWeb Asia Pacific.

In the Philippines, PhilWeb’s e-Games cafe business hit 277 outlets last year.

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

PhilWeb is controlled by former Trade Minister Roberto B. Ongpin. Its products include the text raffle Premyo Sa Resibo and Home Play, the only peso-based online casino of Pagcor.