We have stopped supporting IE6. Switch to FireFox, Safari or Internet Explorer 7. We love web standards close
- PhilWeb 2011 Net Income Surges by 45%
- PhilWeb among Forbes Asia's 'Best Under a Billion'
- Philweb Gets Timor Gaming License
- PhilWeb Gets Mobile Gaming License from East Timor
- PhilWeb expanding abroad
- PhilWeb Declares Dividend
- PhilWeb gets Forbes Prize
- PhilWeb sets new high for Net Income
- PhilWeb seals Laos deal
- PhilWeb Declares First-ever Dividend
- PhilWeb records strong 52% First Quarter Profit Growth
- PhilWeb 2009 profit up by 89%
- PAGCOR launches online casino site
- PhilWeb & ISM acquire leading European hotel internet service provider
- SEC approves PhilWeb par change
- PhilWeb doubles Net Income for first quarter 2009
- Online Gaming Boosts PhilWeb Income
- Premyo Sa Resibo in SM Ilo-Ilo
- Asian i—Gaming Congress and Expo 2009
- PhilWeb Corp. posts 90% increase in core Net Income
News
PhilWeb Corp. posts 90% increase in core Net Income
January 22, 2009
PhilWeb Corporation's Net Income from its core business rose to P229.5 million for 2008, higher by 90% from last year’s P120.8 million, based on unaudited financial statements. "The key driver of core Net Income continues to be our PAGCOR e—Games Cafes," noted Dennis Valdes, president of PhilWeb. "In 2008, we opened 45 new cafes, a 59% increase in outlets, ending the year with 121 cafes."
Consolidated Net Income totaled P287.3 million vs. P222.8 million in 2007, higher by P64.5 million. Consolidated Net Income includes PhilWeb's equity in the net earnings of ISM Communications Corporation.
“The company did not only sustain its meteoric growth of 2007, it actually accelerated that growth last year,” continued Valdes. “We expanded aggressively in our other existing games of chance, like Basketball Jackpot, Premyo Sa Resibo and Txtingo Super Singko." As a result PhilWeb Revenue totaled P457.2 million, 71% higher than previous year.
Basketball Jackpot is operated from a network of kiosks called Internet Sports Betting Stations or ISBS. PhilWeb had a total of 149 ISBS as of end—December 2008. Premyo Sa Resibo or PSR is a mobile raffle operated on behalf of the Bureau of Internal Revenue with the objective of increasing tax revenues by uncovering companies that do not issue proper receipts. Since its inception in June 2006, PSR has awarded over P120 million in prizes and continues to pick a new millionaire every two weeks. Txtingo Super Singko, PhilWeb's newest product, is a mobile lottery, with a daily draw giving texters the chance to win P10 million outright.
Valdes also noted that these results have allowed PhilWeb to accumulate a cash hoard of over P695 million. "We will use these funds to aggressively invest in new games of chance and other opportunities that come our way in 2009. The past year has turned out to be a record year for PhilWeb, wherein we recorded our highest ever levels of Revenue and Net Income, so we are quite optimistic that this trend will accelerate in 2009." noted Valdes.
