PhilWeb cuts losses

    97

    PhilWeb Corp. trimmed its losses to P60 million in 2020, down 30 percent from the prior year’s P87.87 million.

    Revenues reached P264.88 million, down 51 percent from P539.86 million.

    The company said the decline in revenues was a result of the closure of eGames and eBingo outlets from March 16, 2020, and which only began to gradually re-open at reduced capacities starting 15 June 2020.

    “PhilWeb has been EBITDA (earnings before interest, taxes, depreciation and amortization) positive since October 2020 and net income since November 2020 despite gaming venues generally averaging 60 percent daily revenues from pre-quarantine levels,” said Brian Ng, PhilWeb president.

    Ng said the company’s fourth quarter results have improved over the past quarters of 2020 with revenues at P105 million and a profit of P7 million.

    EBITDA was at P30 million.

    “PhilWeb obtained these results despite lower per-site gaming revenues brought by quarantine restrictions and various safety measures being implemented to limit the spread of COVID-19,” Ng said.

    “Our fourth quarter 2020 results came before PhilWeb’s acquisition of 16 eBingo venues and two accredited eBingo machine providers, as well as the revenue contribution of additional eGames sites incrementally converting back to our electronic gaming system at the start of 2021. The company is on stable ground and well positioned as we anticipate the return to economic activity in the second half of the year,” he added.

    PhilWeb is an accredited service provider of the Philippine Amusement and Gaming Corp. (Pagcor).

    At the end of last year, PhilWeb’s network of 69 eGames outlets and 22 eBingo outlets are all operational.

    As of today, there are 85 eGames locations utilizing PhilWeb’s EGS and 68 eBingo locations utilizing PhilWeb’s eBingo machines.