PHILWEB Corp. trimmed its attributable loss to P77.58 million in 2018, thanks to a 132% jump in revenues as it operated more electronic gaming outlets.
In a regulatory filing, the listed gaming firm reported that net loss attributable to the parent last year was much lower compared to the P293.27 million it posted in 2017. Revenues reached P366.36 million, more than double the amount it booked in the year prior.
PhilWeb attributed the better performance to its recovery of 63 gaming locations using its electronic gaming systems, two of which are dedicated to e-Bingo.
The company previously had 288 operating e-Games cafés licensed by the Philippine Amusement and Gaming Corp. (PAGCOR), but the regulatory authority declined to renew the firm’s license in 2016, hampering its operations.
Following the resolution of issues with PAGCOR, PhilWeb was able resume operations with an initial 16 electronic gaming locations in December 2017. The company was then allowed to fully resume its operations in March 2018.
PhilWeb now offers customers three choices for casino softwares, namely RealTimeGaming, Habanero, and iSoftBet games.
“We are especially proud to note that PhilWeb generated positive cash flow for the first time in three years. Our EBITDA (earnings before income, taxation, depreciation, and amortization) was a positive P9 million, as opposed to the P152 million of negative cash flow in 2017,” PhilWeb President Dennis O. Valdes said in a statement.
PhilWeb Chairman and Chief Executive Officer Gregorio Ma. Araneta III noted that the company has been able to bring down expenses last year, while increasing revenues every quarter for the past two years.
“I am deeply committed to getting PhilWeb back to its former profitability levels, during which times we were able to pay out high dividends to stockholders and generate significant share price increases as well,” Mr. Araneta said in a statement.
Shares in PhilWeb jumped 3.02% or eight centavos to close at P2.73 each at the stock exchange on Thursday. — Arra B. Francia