|Philippines-based PhilWeb Corporation has reported a rise of more than 60 percent in net income last year on the back of higher revenues from its online casino activities.|
President Dennis Valdes stated that income was up 64 percent to $4.68 million from 2006’s $2.86 million. He said that a key revenue driver was the strength of the company's Internet Casino Stations (ICS), which expanded from a network of 44 cafes in 2006 to a total of 76 in last year.
“The expansion of the cafe network had a synergistic effect as more players noticed the cafes and were attracted to play,” said Valdes.
“As a result, bet volume and player growth were even higher than cafe growth.”
The company reported revenues of $6.57 million last year from $3.27 million the previous year while operating income increased five-fold to $3.03 million from $569,000 in 2006.
“Revenue growth was fuelled by strong results from core gaming operations,” said Valdes.
Valdes added that PhilWeb’s investment in the Premyo sa Resibo program is solidifying its role as a key supporter of the Philippines Government’s revenue-increasing efforts. The program, a co-operative effort between the Bureau of Internal Revenue, the Department of Finance, The Philippine Amusement and Gaming Corporation (PAGCor) and PhilWeb, encourages consumers to ask for official receipts by offering a $24,600 prize per week for receipt data that is texted in. The company also runs Internet Sports Betting Stations and has recently launched Txtingo, the country’s first mobile lottery game.
“We are even more strongly positioned for 2008 as we have shown that we can keep our costs low while rapidly increasing our top line revenues thus exponentially increasing income,” said Valdes.
“As we increase our ICS business and launch new products in 2008, we are forecasting an even brighter year for PhilWeb.”