Philippines gaming services provider PhilWeb Corporation has announced a 236.7% surge in revenue to Php87.8 million for the three months to 31 March 2018.
The year-on-year boost follows the renewal of its license by PAGCOR last August after Gregorio Araneta III purchased a 53.75% stake in the company from former owner Roberto Ongpin, who was famously described as an “oligarch” by Philippines President Rodrigo Duterte and had his company’s gaming license revoked in 2016.
In its 1Q18 results announcement, filed with the Philippines Stock Exchange, PhilWeb also announced a 91.1% reduction in cash losses from Php45.4 million to Php4.4 million.
“These positive results were brought about by the approval by PAGCOR for PhilWeb to offer its Electronic Gaming System (EGS) to operators, thereby allowing the company to fully resume its operations,” the company said.
“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.”
PhilWeb added that it was looking to expand its operations with the acquisition of two eBingo sites.
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