Asia-Pacific operations boost PhilWeb H1 earnings

Publicly listed PhilWeb Corp. reported a sharp rise in its earnings for the first half of the year, boosted by revenues from its gaming operations in the Asia-Pacific.

In a press statement, the Asian gaming solutions provider, disclosed that its net income for the first half of 2012 surged to P480 million, representing an increase of 30 percent versus the same period in 2011.

In its unaudited financial statements for the quarter, the company also said that it achieved revenues of P692 million, representing a 24-percent increase over the previous period’s figures.

PhilWeb president Dennis Valdes said the company’s core business of providing services to the Philippine Amusement and Gaming Corp. (Pagcor) had turned in another strong quarter.

“In the Asia-Pacific, we just signed a memorandum of understanding in Laos, with the executive board of the Thakhek Special Economic Zone, which grants us a 75-year concession to build a casino on two hectares of land within the zone,” he said.

“Thakhek is right on the border of Laos and Thailand, and we expect this project to be a major contribution of revenues and profits to PhilWeb in the near future,” Valdes added.

Valdes said further that the Asia-Pacific region has been a “bright star” for the firm, citing the growth of its scratch card businesses in Cambodia and Timor Leste.

“In Guam, we are in the process of putting up our second Sweeps Cafe, which is very similar to our PEGS business in the Philippines,” he said.

“With this financial performance in the first half of 2012, and knowing that the second half is always a stronger period for PhilWeb, it is clear that we will set a new financial record for the company in 2012,” Valdes predicted.

PhilWeb recently disclosed that it would buy back the 26.28-percent share of ePLDT in the company at the price of P10.70 a share.

Valdes explained that the ePLDT transaction would reduce the outstanding shares of PhilWeb to 1.116 billion shares which, in turn, would effectively increase the company’s earnings per share by 36 percent.