Philweb trims losses by 76% in second quarter

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Philweb Corp. trimmed its net loss attributable to equity holders of the parent by 76% in the second quarter of 2018, after its revenues jumped by 143% for the period.

In a regulatory filing, the gaming firm said net loss attributable to the parent went down to P16.44 million in the April to June period, lower than the P68.93 million in the same period a year ago. Revenues meanwhile went up P95.06 million, against the P38.9 million in the second quarter of 2017.

This brought the company’s attributable loss to P45.3 million in the first six months of the year, versus the P141.25-million loss in the same period a year ago. Philweb’s revenues reached P172.6 million, 165% higher than the P65.05 million generated in the first half of 2017.

Philweb President Dennis O. Valdes attributed the positive performance to the higher number of outlets using its electronic gaming systems (EGS) for the period. The company currently operates 54 EGS sites, with two outlets dedicated to e-Bingo. — Arra B. Francia