PhilWeb Reports Strong Half Year Results

MANILA, PHILIPPINES – Publicly-listed gaming company, PhilWeb Corporation, reported positive profits for the first half of the year.

The gaming company, the lead technology aggregator of PAGCOR, reported a 78% increase in unaudited net income from the same period last year. First half earnings this year totaled P149.6 million pesos as compared to P84.2 million pesos over the same period last year.

PhilWeb attributed the growth to PAGCOR’s e-Games Cafe Systems which PhilWeb operates as well as from profits gained from the company’s investment in ISM Communications. Since December 2007, PhilWeb has opened 21 e-Games cafe upping the total it operates all over the country to 97.

PhilWeb’s revenues were also up 34% from last year for a total of P171.4 million. Average betting volume also increased to P150 million from last year’s P80 million and the number of customers to its cafe systems also experienced growth from a daily 25,000 to around 45,000.