PhilWeb posts 20% profit jump


02:36 AM February 21st, 2013

February 21st, 2013 02:36 AM

PhilWeb Corp. on Wednesday reported a net income of P1.1 billion for 2012, 20 percent higher than the previous year, with all divisions contributing to the growth, especially its new businesses in the Asia-Pacific region.

The board of PhilWeb has also declared a P0.10 dividend during its meeting on Feb. 19, payable to all stockholders on record as of March 5 and payable on March 15.

PhilWeb has been paying dividends since 2010 when it declared a P0.10 dividend for the first time in its history. In 2011, there were two dividends totaling P0.20. The dividend cash payout increased in 2012 when a total of P0.30 was paid out plus an additional 20-percent stock dividend.

PhilWeb is a provider of gaming solutions in the Asia-Pacific region, with businesses in the Philippines, Timor Leste, Cambodia and Guam. PhilWeb said it would be entering Indonesia with a new product next month.

The company said the fastest growth was delivered by PhilWeb’s Asia-Pacific subsidiary, which operates scratch-card businesses in Cambodia and Timor Leste, and a Sweeps Center in Guam. Asia-Pacific contributed 9 percent of total revenues, which drove the firm’s consolidated revenue line to P1.5 billion, 27 percent higher than in 2011.

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

Valdes also noted that the company’s e-Games café business in the Philippines remained strong with a current total of 278 outlets. PhilWeb has just set up a new company to produce electronic gaming terminals with a built-in bill acceptor, card reader and ticket-in, ticket-out printer.

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