PhilWeb profit surges 24% in Jan-Sept

MANILA, Philippines - Listed gaming solutions provider PhilWeb Corp. posted a 24-percent surge in profits to P681 million in the nine months that ended in September.

Its business in Asia Pacific will allow the company to post continued growth moving forward.

“The performance was driven by excellent results from the company’s operations, primarily in the Pagcor e-Games cafes or PEGS that it operates for the Philippine Amusement and Gaming Corp. (Pagcor),” the company told the local bourse.

The fastest growth came from PhilWeb’s Asia Pacific subsidiary, which operates a scratch card business in emerging markets Cambodia and Timor Leste and a Sweeps center in Guam.

To date, Asia Pacific accounts for eight percent of the company’s total revenues of P1.08 billion, which is higher by 30 percent compared with a year ago.

“We continue to focus on growing our businesses in Asia Pacific, and also our new foray into building gaming terminals both for PEGS and for non-related gaming businesses in the region,” said PhilWeb president Dennis Valdes.

Valdes added that Asia Pacific will continue to be a growth driver for PhilWeb.

PhilWeb Asia Pacific president Mike Grandinetti said the company has received an approval from Timor Leste to begin the construction of a new electronic gaming cafe.

“The electronic gaming will be our second business in Timor Leste, and, together with Guam, signal the increased growth of PhilWeb Asia Pacific,” Grandinetti said.

PhilWeb is controlled by former Trade Minister Roberto B. Ongpin. Its products include the text raffle Premyo Sa Resibo and Home Play, the only peso-based online casino of Pagcor.

PhilWeb is the first and largest Internet gaming company in the country with a total market capitalization of P20 billion. It currently serves over 40,000 customers a day via its network of online cafés, sports betting kiosks and mobile games nationwide.