PhilWeb Income Surges by 30%

Makati—(PHStocks)—PhilWeb Corp. (PSE: WEB), the Asian gaming solutions provider, disclosed that its Net Income for the first half of 2012 surged to PhP480 million, an increase of 30% vs. the same period in 2011. In its unaudited financial statements for the quarter, the company also noted that it achieved Revenues of PhP692 million, 24% more than the previous year.

Dennis Valdes, President of PhilWeb, said the company’s core business of providing services to PAGCOR had turned in another strong quarter. “In Asia Pacific, we just signed a Memorandum of Understanding in Laos, with the Executive Board of the Thakhek Specific Economic Zone, which grants us a 75-year concession to build a casino on two hectares of land within the zone.”

Valdes continued, “Thakhek is right on the border of Laos and Thailand, and we expect this project to be a major contribution of revenues and profits to PhilWeb in the near future. As we disclosed earlier this year, Asia Pacific has been a bright star for PhilWeb as our scratch cards businesses in Cambodia and Timor Leste continue their growth. In Guam, we are in the process of putting up our second Sweeps Cafe, which is very similar to our PEGS business in the Philippines.”

“With this financial performance in the first half of 2012, and knowing that the second half is always a stronger period for PhilWeb, it is clear that we will set a new financial records for the company in 2012,” said Valdes.

PhilWeb also recently disclosed that it would buy back the 26.28% share of ePLDT in the company at the price of PhP10.70 per share. Valdes explained that “the ePLDT transaction will reduce the outstanding shares of PhilWeb to 1.116 billion shares. This will effectively increase Earnings Per Share by 36%.”