PhilWeb narrows loss in first half to P45.6M

LISTED technology services provider PhilWeb Corp. on Friday said it narrowed its losses by 67.8 percent in the first half of 2018 as the company resumed operations in the market.

In a second quarter report, PhilWeb said its net loss in the first half decreased to P45.6 million against the recorded P141.8 million in the same period last year.

Revenues for the first six months surged 165 percent to P172.6 million versus the previous year’s P65 million.

Earnings before interest, tax, depreciation and amortization ( EBITDA) turned positive and reached P2.4 million in the first half.

The improved financial performance was driven by the increased number of outlets and newly-launched set of games, the company said in a separate disclosure.

Dennis Valdes, president of PhilWeb, said the group has boosted the presence of its Electronic Gaming System ( EGS) to 54 locations, including two outlets for e- Bingo.

The new games introduced in June using Habanero software paired with its existing games using RealTimeGaming software, lifted PhilWeb’s overall gross gaming revenues, Valdes said.

“We are pleasantly surprised that the combination of two gaming softwares has not resulted in one cannibalizing the other, but instead, has resulted in growth for both sets of games,” said Valdes.

“We intend to use this learning to continue to introduce new gaming software to our pool of customers, so that we can continue to attract new players to our eGames outlets,” he added.

PhilWeb shares closed up 28 centavos at P5.43 each on Friday.