PhilWeb Corp., the Asian regional gaming solutions provider, disclosed that its Net Income for the first quarter of 2012 surged to P243 million, an increase of 40% vs. the same quarter in 2011. In its unaudited financial statements for the quarter, the company also noted that it achieved Revenues of P343 million, 25% more than the previous year.
Dennis Valdes, President of PhilWeb, said that the company's core business of providing services to PAGCOR 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 continued. "Our 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%," said Valdes.
PhilWeb likewise disclosed that in its annual stockholders' meeting held today, its stockholders approved the declaration of a twenty percent (20%) stock dividend payable on May 30, 2012 to stockholders of record as of May 4, 2012.
Valdes noted that the stock dividends will be issued to the stockholders just two months after the stockholders received a cash dividend of ten centavos per share last March 16, 2012. "We are happy to be able to give to our stockholders some of the profits earned by the company as a reward for the trust they have reposed in the company over the years" said Valdes.
Last year, PhilWeb paid out two cash dividends, totaling twenty centavos per share, doubling the amount of dividends it paid to its stockholders in 2010. PhilWeb believes that it can improve on this dividend payout this year.
Ref: Cliburn Anthony A. Orbe, PhilWeb Corporation
VP, Corporate Support Division
tel 338-5599 loc 546, mobile 0918 803 9053
e-mail: caorbe@philweb.com.ph
