PhilWeb reports 3.8 percent dip in net income, remains bullish about 2016

Philippines-based PhilWeb Corp. reported a 3.8 percent dip in net income to PHP870 million (US$18.6 million) from PHP904 million in 2014, but still remained positive for 2016, according to a filing to the Philippine Stock Exchange.

“I am bullish about the coming year,” said PhilWeb president Dennis Valdes, citing its partnership with the Philippine Amusement and Gaming Corp (PAGCOR) for its e-Games outlets.

“We have been a solid supporter of Pagcor for over a decade… In 2015, we remitted to Pagcor a total of PHP2.116 billion.”

By the end of 2015, the firm’s network included 268 e-Games outlets with more than 8,800 gaming terminals and around 90,000 registered members.

According to the firm, the slight dip in profits was attributed to higher income taxes paid in the year.

“Higher income taxes paid for 2015 caused the slight decline,” said PhilWeb Assistant Corporate Secretary Raymund S. Aquino in an email statement to local media. 

Revenue also increased 1.8 percent in 2015 to PHP1.67 billion (US$35.5 million) despite “increased competition from other forms of gaming operations”, according to the firm.

“Our cash flows in 2015 have been steadily increasing, and this is evident in our EBITDA, which totalled PHP1.2 billion,” said Valdes.

“Our strong cash flows enable us to reward our shareholders with increased returns on their investment in PhilWeb,” he added.

In February, the company declared a dividend of 20 centavos per share, 33 percent higher than its previous dividend declaration of 15 centavos per share.