Manila-based market leader Filipino online gambling group PhilWeb reported a 24 percent increase in net income for the first three quarters of 2012.
PhilWeb total revenues reached PHP 1.08 billion, up 30 percent compared with the same nine-month period last year. Net revenues in the first nine months of 2012 amounted to PHP 681 million ($16.6 million). The Filipino company attributed to an excellent performance from its PAGCOR e-Games or Peg cafes where punters have the choice to play online casino games and bet on sports in the Philippines.
PhilWeb operates Pegs on behalf of PAGCOR, the authority to regulate and control online gaming according to the Philippine gambling laws.
The growth was driven by the PhilWeb Asia Pacific subsidiary. The company revealed: “The fastest growth was delivered by PhilWeb’s Asia-Pacific subsidiary, which operates the scratch card businesses in Cambodia and East Timor, and a Sweeps Center in Guam. Asia-Pacific operations now responsible for 8 percent of total revenues.”
Dennis Valdes, president of PhilWeb commented: “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.”
PhilWeb Asia Pacific president, Mike Grandinetti commented: “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.
Grandinetti added: “The electronic gaming cafe will be our second business in East Timor and, together with Guam, signal the increased growth of PhilWeb Asia Pacific for PhilWeb in 2013 and beyond.”