Gambling: Philweb 52 percent growth in profits for the first six months of 2009

Positive news from the Philippines, where Philippine Stock Exchange-listed gambling firm PhilWeb Corporation has reported a 52 percent growth in profits for the first six months of the year, mainly owing to the strong performance of its Internet gambling business.

In a statement, the company said its net income reached P227.6 million as of end-June 2009 from P149.6 million in the same period in 2008.

From April to June, PhilWeb had a core net income of P122.9 million, a 128 percent rise from the same quarter last year. The company attributed the growth to higher revenues from its PAGCOR (Philippine Amusement and Gaming Corp.) e-Games Cafe Network.

"Our growth pace continues to accelerate as we open more of our PAGCOR e-Games Cafes," PhilWeb President Dennis Valdes said. The company opened 29 e-Games cafes as of end-June, bringing PhilWeb's total Internet gambling shops to 150.

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Valdes said PhilWeb usually performs more strongly in the second half of the year, adding that June 2009 has been the company's best performing month so far.

"All our three business segments performed well, with the Internet Sports Betting Stations and Mobile Gaming businesses also achieving their targets for the month," he said.

To further spur growth, Valdes said PAGCOR would introduce a new logo to differentiate e-Games cafes from its other outlets.

"The new e-Games logo is already being installed in all our existing cafes and in the new ones that will be opened soon," he said, adding that other marketing efforts for the e-Games cafes have been intensified

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