Image via WikipediaMANILA, Philippines - Online technology firm PhilWeb Corp. ended the first half of 2010 with a net income of P322 million, 41% higher than the P228 million it posted during the same period last year.In a statement to the Philippine Stock Exchange, PhilWeb said revenues rose 40% year on year to P508 million from P362 million.
PhilWeb president Dennis Valdes attributed the results to strong growth in core business units, as well as several new projects that have recently been launched. PhilWeb manages and operates the e-Games café network of the Philippine Amusement and Gaming Corp. (Pagcor).
"This network now has 188 stores nationwide and the results from operations continue to show double-digit increases versus last year. We are excited to work with the new team at Pagcor headed by their new chairman, Bong Naguiat, to keep growing this network of PEGS cafés," Valdes noted.
As of June, the e-Games business has remitted over P600 million to Pagcor, representing an annual growth rate of 33%, Valdes added.
With strong results in the first semester, Valdes said they are confident that 2010 will be another banner year for the company. PhilWeb expects its 2010 net income to reach over a billion pesos.
Aside from Pagcor e-Games cafés, PhilWeb also operates a network of 185 Internet sports betting stations. Among its new games are Basketball 38 and Home Play, which allows casino gaming in Philippine pesos.
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