PhilWeb Corporation, posted net income of P477 million for the first three quarters of 2010, 28% higher than the P373 million it posted for the same period in 2009. Revenues totaled P755 million, up 30% year on year, compared to P580 million in the first nine months of 2009.
PhilWeb Corporation is the Philippines’ first and largest listed online technology firm and leader in online gaming.
"We are particularly pleased with our third quarter results, as it shows that our core businesses remain robust," PhilWeb president Dennis Valdes said.
Valdes said the Philweb remitted a total of P921 million to PAGCOR through the 3rd quarter of 2010, representing the 60% PAGCOR share in the e-Games Internet Cafe and Internet Sports Betting Station businesses. He noted that the PAGCOR share for these businesses come with no capital expenditures or operating expenses on their part, thus the total remittance flows directly to the PAGCOR bottom line.
Remittances through October 31st have reached Ph1.1 billion. "We expect to remit over P1.3 billion to PAGCOR for 2010," stressed Valdes.
"We are also pleased with our businesses' performance at the start of the fourth quarter this year, which show continued growth. Thus, we remain confident that 2010 will be a record year for PhilWeb, both in terms of revenues and net income," said Valdes.
Source:
Philweb disclosure to PSE
October 29, 2010
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