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Philweb Corp reports 28% increase in net profit

Philippines based land and online gaming firm, Philweb Corp., has posted a 28% increase in nine month profit mainly attributed to robust gaming.

Net income increased by 28% to P477 million in January to September (Q3/2009: P373 million).

Revenues totaled P755 million, up 30% compared to the first nine months of 2009 (Q3/2009: P580 million)

Philweb said it remitted P921 million to state-owned Philippine Amusement and Gaming Corp. (PAGCOR) in the nine months to September. The amount is PAGCOR’s 60% share in Philweb's e-Games Internet Café and Internet Sports Betting Station businesses.

Earlier this year, Philweb launched Home Play, a peso-based online casino under the firm's partnership with PAGCOR offering traditional casino games like blackjack, baccarat, roulette and slots to Filipino players 21 years and older. Other offerings from Philweb include the "Instant Premyo Sa Resibo" text raffle in co-operation with the Bureau of Internal Revenue, "Basketball Jackpot" that is offered through a network of 185 Internet betting stations, and the "Bid Wars" mobile game.

"We are particularly pleased with our third quarter results, as it shows that our core businesses remain robust," PhilWeb president Dennis O. Valdes said, "and further growth is expected up to the end of the year".

Source: InfoPowa News

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