Online gaming boosts Philweb 2011 profits by 45%

Rappler.com
Ongpin-led online gaming firm PhilWeb Corp. recorded a net income of P914 million last year attributed mainly on the strong growth in its core e-Games Cafe business as well as its new businesses abroad

MANILA, Philippines – Ongpin-led online gaming firm PhilWeb Corp. recorded a net income of P914 million last year, up by 45% from a year ago, attributed mainly on the strong growth in its core e-Games Cafe business as well as its new businesses in Asia Pacific.
 
Dennis Valdes, president of PhilWeb, noted that this is the 6th year in a row that Philweb has reported a growth in its net income. Revenues, he added, stood at P1.2 billion.
 
With its strong performance, Valdes noted that PhilWeb is now one of the most significant contributors of revenue to PAGCOR. Last year, PhilWeb remitted a total of P1.7 billion to the agency, 34% higher than in 2010.
 
Philweb is also strong in Asia Pacific. It has put up The Sweeps Center, a cafe in Guam, and scratch cards businesses in Timor Leste and Cambodia.

“We are also hopeful to gain new licenses in other Asia Pacific countries this year,” said Valdes.

PhilWeb is led by businessman Roberto V. Ongpin. – Rappler.com

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