MANILA - Listed gaming firm PhilWeb Corp. reported a net profit of P144.8 million during the third quarter of the year, up 133% versus the third quarter of 2008, owing to its online gambling business.

In a statement, PhilWeb said its strong performance in the three months to September boosted 9-month income to P374.2 million, 76% higher compared to the same period last year.

PhilWeb attributed the growth in its profits to the expansion of its PAGCOR (Philippine Amusement and Gaming Corp.) e-Games cafe network and improvements in operations and marketing.

PhilWeb President Dennis Valdes said they are scheduled to launch new games in the fourth quarter.

The company's sports betting unit will roll out NBA games betting while the mobile gaming unit will relaunch the "Premyo Sa Resibo" program as "Instant Premyo Sa Resibo" wherein users will no longer have to wait for the draw date, but will know instantly whether their entries won or not, in the same manner as a "bottle cap" or scratch card promotion.

"We continue to grow our businesses. But at the same time, we are also looking at expanding via acquisitions of existing gaming businesses. We hope to make some exciting announcements about these in the near future." Valdes said.

"With our cash hoard of over P700 million, we are actively looking at expanding internationally, and in addition, we are seeking investment opportunities in gaming-related companies in the country," he added.

PhilWeb, the dominant player in the local Internet gaming sector, is confident it will be able to attain its target of doubling net income this year.