Publicly-listed online gaming operator PhilWeb Corporation has announced that its consolidated net income grew 29 percent in 2008 due to the strong performance of its Internet gambling business.
In a statement to the Philippine Stock Exchange, the firm revealed that its net income for last year was $6.11 million against $4.74 million in 2007 while core earnings increased 90 percent to $4.88 million from $2.57 million.
'The key driver of core net income continues to be our Philippine Amusement and Gaming Corporation (PAGCor) electronic games cafes,' said Dennis Valdes, President for PhilWeb.
Valdes revealed that last year's profits included gains booked from PhilWeb's investments in ISM Communications Corporation, which owns 77.7 percent of Eastern Telecommunications Corportaion.
PhilWeb stated that it opened 45 new gaming cafes in the Philippines last year, bringing the total to 121, while aggressively expanding its games portfolio to include Basketball Jackpot, Premyo Sa Resibo and Txtingo Super Singko. This saw the firm’s total revenues increase 71 percent year-on-year to reach a record $9.75 million while it reported a cash balance of over $14.79 million.
'We will use these funds to aggressively invest in new games of chance and other opportunities that come our way in 2009,' said Valdes.
'The past year has turned out to be a record year for PhilWeb, wherein we recorded our highest ever levels of revenue and net income, so we are quite optimistic that this trend will accelerate in 2009.”