PhilWeb Q1 revenue up sharply at P87.8-M after resuming operations

PHILWEB Corp. said first-quarter revenue hit P87.8 million, well over the P26.1 million booked a year earlier.
In a disclosure to the stock exchange on Friday, the company also said its cash losses narrowed to P4.4 million from P45.4 million previously.
The company said the “positive results” were brought about by the approval of 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.
PhilWeb also said that as part of its expansion, it will venture into electronic bingo, or eBingo, with an initial acquisition of two sites.
“It is also a service provider to Instant Massive Bingo’s eBingo operations in Saipan by providing the latter with technology and support services,” it added.
On Friday, PhilWeb rose 6.21% to close at P6.50.