PhilWeb income drops in Q2

MANILA, Philippines - PhilWeb Corp., the gaming solutions provider of the Ongpin Group, reported a 4.9 percent drop in its net earnings in the second quarter this year as its revenues dipped.

The company said its net income fell to P201.48 million in April to June this year from P211.96 million in the same period in 2014.

Gross revenues for the period slid 3.5 percent to P405.09 million this year from P419.88 million in the same period last year.

Gross expenses also dropped 4.6 percent to P161.32 million in the second quarter from P169.11 million in the same three-month period the previous year.

The latest income result brought first semester net income to P411.44 million, down 4.6 percent from P431.50 million in the same period last year.

Despite the lower first semester results, PhilWeb president Dennis Valdes said he expects recovery in the second half and for net earnings growth to be positive by the end of the year.

“One big factor is the strength of the economy. As long as people are doing well, there is a lot of disposable income, then people will look for entertainment and how they can be entertained. Since we’re part of that entertainment pie, then I think we should do well so long as economy does well,” he told reporters.

PhilWeb is the largest Internet gaming company in the country.

It serves as the technology provider for Pagcor e-Games cafes, which are Internet cafes dedicated to casino games such as baccarat, blackjack, video poker and various slot machine games.

As of the first semester, there are 248 sites operating e-Games with a total of more than 8,000 terminals.