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PhilWeb Income Up in 2012
Thursday November 8,2012 : PHILWEB CONSOLIDATED TOTAL REVENUE UP 30 PERCENT
Growth driven by Asia Pacific subsidiary
Manila-based land and online gambling group Philweb reported an increase of net income for the first three quarters of 2012 amounting to P 681 million (GBP 10.4 Million), 24 percent higher than the previous year which the company attributed to an excellent performance from its e-Games cafes or PEGS that it operates on behalf of PAGCOR.
PhilWeb's Asia Pacific subsidiary, operating in the scratch card sector in Timor Leste and Cambodia and a Sweeps centre in Guam, delivered the fastest growth contributing 8 percent of total company revenues. Consolidated total revenue was reported as P 1.08 billion, 30 percent higher than the same period in 2011.
“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. As we noted earlier this year, we believe that Asia Pacific will be the driver of revenue growth for PhilWeb in the years to come,” commented Dennis Valdes, president of PhilWeb.
Mike Grandinetti, president of PhilWeb Asia Pacific, added: “We have just received approval from the government of Timor Leste to begin the construction of a new electronic gaming cafe in that country, and are in the midst of building our second sweepstakes cafe in Guam. The electronic gaming cafe will be our second business in Timor Leste and, together with Guam, signal the increased growth of PhilWeb Asia Pacific for PhilWeb in 2013 and beyond.”
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It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
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