PhilWeb revenues surge in first quarter

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PhilWeb Corp. posted a first-quarter total revenues of P87.8 million, at least three times more than the P26.1 million recorded in the same quarter last year, the company told the stock exchange on Friday, April 20.

In its disclosure, the company said the “positive results” were brought about by the approval by the Philippine Amusement and Gaming Corp. for PhilWeb to offer its Electronic Gaming System (EGS) to operators. It said approval allowed the company to fully resume its operations.

“As of March 31, 2018, there are 38 locations operating under the PhilWeb EGS. There are also 10 locations that have been approved to use the PhilWeb EGS but are just waiting for their actual conversion,” the company said.

On Friday, shares in PhilWeb jumped 6.21% to close at P6.50 each. — Victor V. Saulon