GGRAsia – PhilWeb’s profit grows 12.9 pct in 3Q

PhilWeb’s profit grows 12.9 pct in 3Q

Nov 13, 2014 Newsdesk Latest News, Philippines, Top of the deck

PhilWeb Corp, which operates Internet cafés exclusively dedicated to casino games across the Philippines, reported higher net income for the three months to September 30, on cost savings and revenue growth.

The firm posted gross revenue of PHP418.2 million (US$9.3 million) for the third quarter, up by 11.8 percent from a year earlier. Expenses dropped by 11.9 percent year-on-year to PHP163.3 million, the company said in a filing on Thursday.

Profit attributable to the parent equity holder grew by 12.9 percent year-on-year to PHP214.1 million, the firm told the Philippine Stock Exchange.

PhilWeb’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) 299 e-Games cafés.

The network of total gaming terminals increased by 9.9 percent from the same period last year to 8,208, the company said. Gross bets placed as of the third quarter of 2014 rose to PHP102.6 billion, up by 4 percent from a year earlier.

When accounting for the first nine months of 2014, net income is trailing last year’s results. PhilWeb reported net income of PHP645.4 million for the January to September period, down 10.6 percent against the prior year period.

“Net income however declined mainly due to other income attributable to equity earnings that was recorded as of third quarter last year, and interest expense and income tax expense that were recognised in 2014,” the firm said.

The company also operates in East Timor, Cambodia and Indonesia through its PhilWeb Asia Pacific subsidiary. The operation of the Guam Sweeps Centres in the U.S. territory of Guam in the Pacific, remains shut due to changes in gaming legislation, said the parent. PhilWeb added it expects to resume operations there “in the latter part of the year”.