PLDT Subsidiary Philweb Corp. Posts Double Income for 2007

MANILA, May 6 Asia Pulse - Leading Philippines' gaming firm PhilWeb Corporation reported that its revenues for the year 2007 doubled from P132.9 million to P266.9 million.

In a statement to the Philippine Stock Exchange, the company said its revenue growth was driven by positive gains in the core gaming operations, specifically in the expansion of its network with the PAGCOR e-Games Cafes and the good turnout in the sports betting and mobile gaming operations.

The company said its operating income rose five times to more than P121.2 million in 2007 from the P23.1 million in 2006.

PhilWeb is a subsidiary of telecommunications giant Philippine Long Distance Telephone Company (PLDT).

Total net income for 2007 reached P222.3 million or an increase of 92 per cent from the P116 million recorded in 2006.

At the end of 2007, we had a total of 76 cafes, meaning we opened 32 in 2007. As of today, we have already opened another 15 cafes, bringing the network up to 91 cafes, said Dennis O. Valdes, president of PhilWeb.

With our strong liquidity position, which exceeds P500 million as of today, we are well positioned for an even more aggressive expansion of our gaming network for 2008, he added.

Valdez also said they fully expect the strong results of 2007 to be continued in 2008.

"In March, for instance, we set a record of P3.5 billion in Gross Bets, reflecting a 70-percent growth rate. Then on April 25, we set another record, with P4.7 million in Casino Win for that day alone. In comparison, the average Casino Win was P2.2 million per day in 2007," explained Valdes.

Aside from the outstanding performance of the gaming business, PhilWeb also posted strong business results on its investment in ISM Communications Corporation, which in turn now owns 77.7 per cent of Eastern Telecommunications Philippines, Inc. (ETPI).

The company's equity in the net earnings of ISM was P102 million for 2007, a 36-percent increase from previous year.

In 2003, Philweb forged a contract with Pagcor, where they became Pagcors overall service provider for internet gaming technology.

(PNA)

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