Philippine Stock Exchange : Philweb net income up 1.43% in January-March

MANILA, PhilippinesListed PhilWeb Corp.'s net income rose slightly in the first quarter from a year ago supported by an uptick in revenues.In a report to the Philippine Stock Exchange, PhilWeb said its net earnings reached P212.96 million as of March up 143 percent from the P209.96 million in the same period last year Higher revenues were generated at P414.70 million up 465 percent year-on-year Expenses also rose by more than a tenth to P162.49 million. Contributing to the growth in revenues were the e-Games stations and sports betting businesses.Gaming regulators granted PhilWeb the license to launch e-Games stations or Internet cafes exclusively dedicated to casino games. element-invisibleBusiness ( Article MRec ), pagematch: 1, sectionmatch: 1 Technology provided by PhilWeb allows patrons to choose from more than 300 casino games, including baccarat, blackjack, various slot machine games, video poker and sports betting.As of the first quarter, there were 277 operating e-Games cafes nationwide, majority of which are owned and operated by independent operators. Meanwhile, driving the increase expenditures was the depreciation of e-Magine Gaming Corp.'s gaming terminals and the expansion of operations of another subsidiary BigGame Inc. (BGI).BGI and e-Magine Gaming are PhilWeb subsidiaries.© Pakistan Press International, source Asianet-Pakistan

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