PhilWeb profit up

Publicly listed PhilWeb Corp. Thursday said its earnings last year rose by a fifth on the back of strong revenues from gaming operations in the Philippines and around the region.

In a statement, the IT gaming firm said its net income last year reached P1.1 billion, representing a 20-percent hike over 2011 results.

“We are pleased to note several bellwether events that contributed to making 2012 a record-breaking year for us,” PhilWeb president Dennis Valdes said. “First and foremost, we are now a true multinational corporation, with the realization of solid revenues from our Asia-Pacific expansion.”

The fastest growth was delivered by PhilWeb’s international subsidiary, which operates scratch card businesses in Cambodia and Timor Leste, and a “Sweeps Center” in Guam.

The company’s Asia-Pacific operations contributed 9 percent of total revenues, which drove the firm’s consolidated revenue to P1.5 billion, 27 percent higher than the 2011 level.

Mike Grandinetti, president of PhilWeb Asia Pacific, said the company would soon open its first e-Games cafe in Timor Leste.

“This expansion means that e-Games will now become a regional brand for PhilWeb’s quality electronic gaming solutions,” he said.

Valdes also noted that the company’s e-Games cafe business in the Philippines remained strong, with a total of 277 outlets.