Listed online technology firm Philweb Posts Profit

Listed online technology firm on Wednesday reported a net income of P914 million last year, up by 45 percent compared to 2010.

In a statement, Philweb Corp. said its net income represents a profit margin of 60 percent as measured against its revenues of P1.2 billion.

“The profit level was achieved on the back of strong growth in its core e-Games Cafe business as well as its new businesses in Asia Pacific,” it said.

PhilWeb said it is now one of the most significant contributors of revenue to the Philippine Amusement and Gaming Corporation (PAGCOR).

Last year, PhilWeb remitted a total of P1.7 billion to the agency, 34 percent more than in 2010.

This amount comes without a single centavo of capital expenditure or operating expense on PAGCOR’s part, and therefore flows directly to their bottom line.

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