PhilWeb Corp. posts 90% increase in core Net Income

PhilWeb Corporation reported that is net Income from core business rose to P229.5 million for 2008, 90% higher than last year’s P120.8 million.

PhilWeb President Dennis Valdes said "The key driver of core Net Income continues to be our PAGCOR e-Games Cafes...In 2008, we opened 45 new cafes, a 59% increase in outlets, ending the year with 121 cafes."


Consolidated net income totaled P287.3 million up P64.5 million versus 2007 net income of P222.8 million. This includes PhilWeb's equity in the net earnings of
ISM Communications Corporation.

Valdes added “The company did not only sustain its meteoric growth of 2007, it actually accelerated that growth last year...We expanded aggressively in our
other existing games of chance, like Premyo Sa Resibo, Basketball Jackpot and Txtingo Super Singko."

As a result PhilWeb Revenue totaled P457.2 million, 71% higher than
previous year.

Premyo Sa Resibo or PSR is a SMS text-service-based raffle operated on behalf of the Bureau of Internal Revenue with the objective of increasing tax revenues by uncovering companies that do not issue proper receipts. PSR has awarded over P120 million in prizes June 2006, and continues to pick a new millionaire every two weeks.

Basketball Jackpot is operated from a network of kiosks called Internet Sports Betting Stations or ISBS. PhilWeb had a total of 149 ISBS as of end-December 2008.

Txtingo Super Singko, is a SMS text-service-based mobile lottery, with a daily draw giving texters the chance to win P10 million outright.

Valdes noted that these results allowed PhilWeb to accumulate a cash
hoard of over P695 million. He added "We will use these funds to aggressively invest in new games of chance and other opportunities that come our way in 2009. The past year has turned out to be a record year for PhilWeb, wherein we recorded our highest ever levels of Revenue and Net Income, so we are quite optimistic that this trend will accelerate in 2009."