May 22, 2007
Updated 03:34:37 (Mla time)
Internet gaming-turned-IT service firm PhilWeb Corp. reported a 151-percent surge in profit and a 74-percent growth in sales in the first quarter this year.
Figures reported to the Philippine Stock Exchange Monday showed the company’s unaudited net income in the first quarter of 2007 at P40 million, compared with P15.9 million in the same period last year.
PhilWeb said the largest income contributions came from Internet gaming and interest income on short-term placements.
It said revenues reached P61.3 million, from P35.1 million in the first quarter of last year, citing increased transactions in its Internet sports betting and Internet casino businesses.
Costs and expenses rose to P19.8 million from P18.7 million, with increases in rentals and other overhead expenses, including additional manpower needed for development of new gaming projects, the company said.
http://services.inquirer.net/express/07/05/22/html_output/xmlhtml/20070522-67257-xml.html
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