PhilWeb Corporation, the country’s first and largest listed online technology firm, reported a 41 percent growth in net income in the first half of the year to P322 million from the P228 million it posted during the same period of 2009.

In a statement, the firm said its revenues totaled P508 million in the first half of 2010, up 40 percent from the P362 million posted in the same period last year.

PhilWeb president Dennis Valdes attributed the results to strong growth in their core business units, as well as several new projects that have recently been launched.

He said their new product launches are also performing well and “we can see that 2010 will be a record year for PhilWeb, both in terms of revenues and net income.”

“Our core business is managing the network of PAGCOR's e-Games or PEGS cafés, said Valdes adding that “this network now has 188 stores nationwide and the results from operations continue to show double-digit increases versus last year.”

Valdes said they are excited to work with the new team at Philippine Amusement and Gaming Corporation headed by the new chairman, Bong with the new team at Philippine Amusement and Gaming Corporation headed by the new chairman, Bong Naguiat, to keep growing this network of PEGS cafés.

He explained that the PEGS business is instrumental to the growth of PAGCOR itself, noting that, last year, PhilWeb contributed over P1 billion to PAGCOR from our PEGS business alone. “This amount flows directly to PAGCOR's net income, as they do not have any capital expenditures or operating costs associated with this revenue. As of June 2010, our PEGS business alone has remitted over P600 million to PAGCOR, a growth rate of 33 percent,” Valdes said.

He said PhilWeb has also been focusing on its international expansion strategy and is working to obtain licenses in Cambodia, Laos, Vietnam, Saipan, Palau, Papua New Guinea, East Timor, Nepal and others, and hopes to have successful disclosure on these shortly.

“We are confident that 2010 will be another banner year for PhilWeb and are happy that the results of the first half show that our business plans are progressing very solidly,” Valdes said.