Philippines online gambling firm reports over 30 percent rise in earnings

PhilWeb Corporation, the listed Philippines’ Internet company, has reported earnings in 2008 FY up by over a third on the back of higher revenues, reports GMA News.
The Corporation reported to the Philippine Stock Exchange that its bottom line rose 31 percent to P292 million on revenues of P450 million, an expansion of 68 percent.
Dennis Valdes, president of PhilWeb, attributed the strong financial performance of the group to the excellent results posted by the Philippine Amusement and Gaming Corp. e-Games Cafe network operated by the company.
“We ended 2008 with 121 cafes, a growth of 45 new cafes for the year. Clearly consumers are gradually noticing our cafes as their number increases, and the almost 20 000 gamblers that play with us daily are pleased with the gaming and entertainment products we offer,” said Valdes.
He added that the P206-million in positive cash flow last year showed strength in the gaming market.
“We believe this is a recession-proof business, as our strongest month last year was December. During that month, despite all the holidays which normally dampen our volumes, our PEGS Cafe network broke all records. We set the record for total Gross Bets in one month, with a total of P5.5 billion. In one day alone, we set a record, with P239 million in Gross Bets. The Casino Win was also record-setting, with a record of P167 million for December, the best ever for the business,” Valdes said.

Related and similar