PhilWeb Corp, which operates Internet cafés exclusively dedicated to casino games across the Philippines, reported a drop in profit for the three months to June 30. The company reported a profit attributable to the parent equity holder of PHP211.8 million (US$4.9 million) for the second quarter of 2014, down from PHP262.4 million a year earlier.
Gross revenue for the period was PHP419.9 million, down from PHP423.2 million a year before, even though operating revenue grew by 10.4 percent to PHP414.5 million.
“Net income, however, declined mainly due to other income attributable to equity earnings amounting to PHP78.1 million that was recorded as of the second quarter last year and interest expense of PHP28.3 million incurred in 2014,” PhilWeb said in a regulatory filing.
The company’s current main revenue business consists of licensing proprietary software and providing technical, marketing and cash management services to state-owned Philippine Amusement and Gaming Corp’s (Pagcor) e-Games cafés. As of the second quarter of 2014, the Pagcor e-Games stations grew to 299 cafés.
The network of total gaming terminals increased by 14.4 percent from the same period last year to 8,282, the company said. Gross bets placed as of the second quarter of 2014 rose 4.3 percent year-on-year to PHP68.5 billion, it added.
The company also reported a slowdown in its Asia Pacific operation. “PhilWeb Asia Pacific’s scratch card business suffered a slowdown in 2013 due to conditions outside of management control,” it said.
PhilWeb Asia Pacific is a subsidiary that has operations in East Timor, Cambodia and Indonesia.
The Guam Sweeps Centres were shut down in the second quarter of 2014 due to changes in gaming legislation. “New products are being designed to ensure compliance with the new legislation in advance of the Sweeps Centres reopening in the latter part of the year,” PhilWeb said.
On July 14 it was announced that Manila-listed Leisure & Resorts World Corp’s US$14.2 million bid to buy another e-Games parlour operator in the Philippines – Digiwave Solutions Inc – had been accepted by Digiwave’s parent firm.
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”We do not believe that reopening the advance notice nomination deadline [for board directors] is appropriate or justified”
Daniel Boone Wayson
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