PhilWeb more than doubles net income in first quarter
PhilWeb Corporation, the Philippines’ first and largest listed Internet gaming company, reported Net Income of P82.8 million for the first quarter of 2008, higher by 107% from last year’s income for the same period of P40.0 million. Net Income more than doubled, driven by excellent growth in the company’s Internet gaming business and from equity in the net earnings of ISM Communications Corporation.
“Growth in our PAGCOR e–Games Cafés has exceeded our targets, and are confident we can accelerate this rapid growth over the next quarters,” said PhilWeb president Dennis O. Valdes. “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 noted that there are now 92 PAGCOR e–Games Cafés in the country, an increase of 16 since the start of 2008.
PhilWeb revenues for the first quarter were P88.8 million, higher by P27.5 million or 45% from last year’s figure of P61.3 million, based on the company’s latest unaudited financial statements. Aside from increased revenues from the company’s network of cafés, other businesses also turned in higher revenues. PhilWeb’s Internet Sports Betting Stations reported good results from its premier product, Basketball Jackpot, and results from the company’s two mobile games, Premyo Sa Resibo and Txtingo, were also up on a year–on–year basis.
In addition to its strong core gaming business results, PhilWeb also reported strong gains on its investment in ISM Communications Corporation, which in turn now owns 77.7% of Eastern Telecommunications Philippines, Inc. The company’s equity in the net earnings of ISM was P40.2 million for the first quarter, vs. P8.6 million for the same period last year.
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 PhilWeb Corporation
The Enterprise Center, 17th floor, Tower 1,
6766 Ayala Ave., Makati City
Tel. Nos: (632) 338.5599, (632) 814.1818
Press Inquiries
Rafael G. Ongpin
SVP-Marketing
rgongpin@philweb.com.ph
+63 2 338 5599 local 341
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