InterAksyon.com means BUSINESS
MANILA, Philippines - PhilWeb Corp. expects to double its net income this year as it expands its gaming business both here and abroad.
"We should be making at least P2 billion in net income this year. This is my personal target," Roberto Ongpin, Philweb chairman told reporters on the sidelines of the company's stockholders' meeting on Thursday.
In 2011, the company earned P914 million, up 45 percent year-on-year.
Ongpin said the online gaming firm will spend P1 billion this year for acquisition and expansion of its gaming operation.
At end-March, the company had 251 Pagcor e-Games cafes (PeGS) nationwide.
Dennis Valdes, president of Philweb said the company posted a net income of P243 million in the first quarter of the year, an increase of 40 percent year-on-year.
Revenues reached P343 million, up 25 percent year-on-year.
Valdes said the company's core business of providing services to state-owned Philippine Amusement and Gaming Corp. in running the latter's E-Games cafe network had turned in a particularly strong quarter.
"Additionally our Asia Pacific business has started delivering revenues and profits. We started selling scratch cards in Cambodia, in addition to our scratch card business in Timor Leste and our sweepstakes cafe in Guam," Valdes said.
He said the company's strategy of pushing into new markets is paying off very quickly.
"As a result, our operating income for the first quarter is the highest level we have achieved for any quarter in our corporate history. Added to this, we have the strong results from our investments in ISM Corporation and Acentic GmbH, and the total first quarter achieved its spectacular growth of 40 percent," he added.
InterAksyon.com means BUSINESS
BUSINESS NEWS
