PhilWeb eyes another banner year, posts 52% profit growth in Q1

Online gambling firm PhilWeb Corp. expects 2010 to be another banner year after posting strong first-quarter financial results. "We are confident that 2010 will be another banner year for PhilWeb and we are happy that the results of the first quarter showed that our business plans are progressing very solidly," the listed company told the Philippine Stock Exchange on Thursday. Net profits of the PhilWeb, the leader in the local Internet gaming sector, grew by more than half to P150 million in the first quarter from a year earlier. Revenues also went up by 42 percent to P239 million. PhilWeb President Dennis Valdes traced the continued growth of the company’s core businesses to improved operations of the Philippine Amusement and Gaming Corp.’s (Pagcor) e-Games café network. The company has also been opening new cafés since the start of the year, bringing the total to 177 cafés nationwide. "The launch of Home Play, the only peso-based, truly online Pagcor casino, has also boosted revenues. Player growth in Home Play is very healthy and we foresee that this product will be a major contributor to revenues this year," Valdes said in a statement. He said they had expected café openings to slow down given the upcoming elections, but this has not proven to be the case. "Our total bet volume and daily player statistics showed double-digit increases versus last year, and we are confident that this trend will continue as public awareness of the [e-Games] increases," he added. "Our other businesses are also performing well," Valdes said, noting that its Instant Premyo Sa Resibo text raffle, which it conducts on behalf of the Bureau of Internal Revenue, had seen consistent growth and is popular with consumers seeking instant wins. PhilWeb’s other products include Basketball Jackpot, offered through its network of 185 Internet sports betting kiosks, and Bid Wars, a text-based reverse auction. The company is also expanding its gaming businesses into several countries, including Cambodia, Laos, Vietnam, Saipan, Palau, Papua New Guinea, East Timor and Nepal, where it is obtaining gaming licenses. "We have been actively discussing these ventures with various potential partners and foresee that several of these international partnerships will start to bear fruit this year," Valdes said. — N.P. Aquino, GMANews.TV