PhilWeb returns to profitability with P7-M income

PHILWEB Corp. generated P7.15 million in net attributable income for the first quarter of the year, a reversal of the P1.53-million loss incurred in the same period in 2020 as gaming activities improved to “pre-quarantine levels.”

The 19 eGames (electronic games) sites converted back to the company’s electronic gaming system and the acquisition of 16 more eBingo (electronic bingo) venues and two accredited eBingo machine providers also boosted the company’s results for the first quarter, PhilWeb said in a regulatory filing on Tuesday.

Revenues increased by 8.4% to P137.94 million from P127.24 million, while cost and expenses declined by 1.6% to P121.47 million from P123.45 million year on year.

PhilWeb’s EBITDA (earnings before interest, taxes, depreciation, and amortization) amounted to P28.91 million in the first quarter, up by 97.9% from the P14.6 million seen in the first three months of the previous year.

The company is an accredited service provider of the Philppine Amusement and Gaming Corp. (PAGCOR) and has an operational network of 69 eGames outlets and 22 eBingo outlets by the end of last year.

Some 85 eGames venues are using the company’s electronic gaming system, while 68 eBingo sites are using its eBingo machines.

PAGCOR recently gave PhilWeb the go signal to operate its remote gaming platform “to allow high-value customers to enjoy PhilWeb gaming products outside of eGames venues.”

On Tuesday, PhilWeb shares at the stock exchange went up by 3.47% to close at P2.68 apiece. — Keren Concepcion G. Valmonte