PhilWeb Posts 20% Net Income Growth for 2012
Makati—(PHStocks)—PhilWeb Corp. (PSE: WEB), the Asian gaming solutions provider, has reported a net income growth of 20% to reach PhP1.1 billion in 2012. The performance was driven by excellent results from all the Company’s operations, especially in its new businesses in the Asia Pacific region.
The fastest growth was delivered by PhilWeb’s Asia Pacific subsidiary, which operates scratch card businesses in Cambodia and Timor Leste, and a Sweeps Center in Guam. Asia Pacific contributed 9% of total revenues, which drove the firm’s consolidated Total Revenue line to P1.5 billion, 27% higher than for the same period in 2011.
Dennis Valdes, president of PhilWeb, said, “We are pleased to note several bellwether events that contributed to making 2012 a record-breaking year for us. First and foremost, we are now a true multinational corporation, with the realization of solid revenues from our Asia Pacific expansion.”
Mike Grandinetti, president of PhilWeb Asia Pacific, added, “We will soon be opening our first e-Games cafe in Timor Leste. This expansion means that e-Games will now become a regional brand for PhilWeb’s quality electronic gaming solutions.”
Valdes also noted that the Company’s e-Games cafe business in the Philippines remains strong, with a current total of 277 outlets. Further, PhilWeb has just set up a new company to produce electronic gaming terminals with a built-in bill acceptor, card reader and ticket-in, ticket-out printer. “We have just received the PEZA certification for e-Magine Gaming Corporation, our new gaming terminal business, and we expect it to export a significant number of gaming machines in the coming years,” he said.