Philippines electronic gaming outlet service provider PhilWeb Corporation has reported a narrowed loss of Php22 million (US$426,000) in 1H19, down from Php45.3 million 12 months earlier, on the back of higher revenue and better cost management.
Issuing its first half results on Friday, PhilWeb revealed a 25% increase in revenue to Php246 million (US$4.8 million), while EBITDA grew six-fold to Php16 million compared with Php2.4 million in the prior year period.
The company cited stronger performance from its 68 electronic casino outlets and the addition of 22 co-managed electronic bingo outlets as part of a recent deal with the Palmary group for the improved results.
“This shows that we are well on track regarding our commitment to getting PhilWeb back to its former profitability levels, during which times we were able to pay out high dividends to stockholders and generate significant share price increases as well,” said Chairman Gregorio Ma. Araneta III.
“PhilWeb remains committed to our role in consistently increasing the revenues of PAGCOR, which we have done for over 13 years.”
PhilWeb is an accredited service provider to Philippines gaming regulator PAGCOR for its network of electronic gaming outlets.
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