Philippines-based iGaming operator, PhilWeb Corporation, proudly announced a 29% spike in their net income for 2008. The publicly listed company revealed its revenue for last year was $6.11 million compared to the 2007 figure of $4.74 million.
The company provided a statement to the Philippine Stock Exchange, noting core earnings were up 90 percent to $4.88 million from $2.57 million.
Dennis Valdes, President for PhilWeb, said, "The key driver of core net income continues to be our Philippine Amusement and Gaming Corporation (PAGCOR) electronic games cafes."
An additional 45 gaming cafes were established across the Philippines in 2008 boosting the grand total to 121. The increased revenue can also be tracked back to the growing games portfolio now including Basketball Jackpot, Premyo Sa Resibo and Txtingo Super Singko. The proven success in the numbers, which reveal a rise to 71 percent year-on-year to achieve $9.75 million with a cash balance exceeding $14.79 million.
Valdes 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."
