Source: Manila Bulletin
Listed online technology firm PhilWeb Corporation reported an 89 percent jump in its audited net income for 2009 to P551 million as revenues rose 82 percent to P818 million.
“We are committed to deliver an equally dramatic result in 2010 of over a billion pesos in net income,” said Philweb president Dennis O. Valdes in a disclosure to the Philippine Stock Exchange yesterday.
Valdez said the firm expects to maintain the growth trajectory of its existing core businesses and has launched several new businesses, such as Pagcor's HomePlay, that promise to deliver entirely new revenue streams.
Home Play is the first and only online web site that allows casino gaming in Philippine pesos.
“We are also expecting great things from our new acquisition, Acentic Gmbh, and we are working on an exciting deal with the Philippine Charity Sweepstakes Office or PCSO to bring Lotto to mobile phones,” said Valdes.
He added that “this year promises to be a busy year as the company will expand internationally in 2010 by providing legal gambling with government franchises throughout the Asian region.” Valdez said the firm will also expand its business process outsourcing services to the casino industry, providing online casino management and operations to foreign principals.
PhilWeb is the dominant player in the local Internet gaming sector. As a technology enabler of Pagcor, it operates the Pagcor e-Games café network and Internet Sports Betting Stations. PhilWeb is also the driving force behind the popular Premyo Sa Resibo program of the BIR. (JAL)
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