Ongpin-led Philweb’s Q1 profits surge 40% on online gaming ventures

Rappler.com
Philweb said it realized a P243 million net income in the first 3 months of 2012, a record high

MANILA, Philippines – Gaming solutions provider PhilWeb Corp. announced a 40% surge in first quarter profits with a strong performance of its E-Games cafe network and its ventures abroad.

At its annual stockholders meeting on Thursday, April 19, the Ongpin-led firm said it realized a P243 million net income in the first 3 months of 2012, a record high.

Revenues for the quarter reached P343 million, or a 25% year-on-year increase.

Dennis Valdes, President of PhilWeb, said that the company’s core business of running the E-Games cafe network of state-run gambling operator and regulator Philippine Amusement and Gaming Corp (PAGCOR) had turned in a particularly strong quarter.

PAGCOR E-Games are Internet café dedicated to casino games. He did not provide other details.

“Additionally our Asia Pacific business has started delivering revenues and profits. We started selling scratch cards in Cambodia, in addition to our scratch card business in Timor Leste and our sweepstakes cafe in Guam,” Valdes said.

“Our strategy of pushing into new markets is paying off very quickly,” he added. – Rappler.com

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