PhilWeb Corporation, a publicly-listed online gaming technology company has revealed its financial results for the first 9 months of 2012 displaying a 30 % year-on-year rise in combined profits to P1.08 billion ($26.16 million).
PhilWeb, which is the biggest firm of its kind by market capitalisation in the Philippines, serves as the enabler of the State-run Philippine Amusement and Gaming Corporation (PAGCor) and publicised that its income for the first 9 months of the year improved by 24 % year-on-year to P681 million ($16.49 million).
President for PhilWeb, Dennis Valdes said “The performance was driven by excellent results from the company’s operations, primarily in the e-Games cafes or PEGS that it operates for PAGCor,”
PhilWeb said that the fastest development over the previous 9 months had been provided by its Asia-Pacific subsidiary, which functions scratchcard businesses in Cambodia and East Timor alongside a ‘sweeps center’ in Guam and accounted for 8 % of overall profits.
Valdes also added, “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.”