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PhilWeb Posts Good Profits for the New Year

On January 22nd, 2009, PhilWeb Corporation President Dennis Valdes expects to gain substantial profits this year as the online gaming industry appreciates even with the financial crisis. Mr. Valdes said that the main driver of the core net profit continues to be their Philippine Gaming Corporation e-Games Cafes. Just last year, the company opened forty-five brand new cafes to end 2008 with one hundred twenty-one outlets. He also stated that their 2008 performance was not really surprising since as early as 3rd quarter; the group had surpassed their profits in 2007.

While other businesses are feeling the effects of the global financial crisis, PhilWeb did not experience any difficulties in December 2008, which turned out to be its strongest month in the company's history, posting a fourth quarter growth from a month earlier. Mr. Valdes said that they have not experienced any slowdown in January, which is why they are very hopeful and optimistic about the rest of the year. He added that their players are protected from the ongoing financial crisis and have enough extra income to play their games.

The corporation has expanded in their other games of chance like Basketball Jackpot, Premyo sa Resibo and the Txtingo Super Singko. Basketball Jackpot is operated from a network of Kiosks called online sports wagering stations. The organization has 149 stations. Meanwhile, the Premyo Sa Resibo is a mobile gambling raffle operated on behalf of the Bureau of Internal Revenue, while the Txtingo Super Singko is a mobile lottery games that gives players the opportunity to win $10 million.

Mr. Valdes said that these had allowed the organization to earn money, which it would utilize to capitalize on other games that will improve the company's profitability. Gaming analysts said that it was understandable for gambling companies to have a good outlook for 2009 since Filipinos always want to test their luck. The past year has turned out to be a fantastic year for PhilWeb, making them very optimistic that this pattern will continue for the rest of the year.

 

02/24/2009, Tuesday

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