PHILWEB ON WAY TO PROFITABILITY
Gaming technology provider Philweb Corp. is aiming to move back to profitability as more electronic gaming sites tap its electronic gaming system (EGS) and a suite of future products.
“I amdeeply committed 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,” Philweb chair Gregorio Ma. Araneta III said in a press statement yesterday.
“We believe those times will come back soon,” he added.
In the second quarter, Philweb narrowed its net loss to P16.44 million compared to a net loss of P68.93 million in the same period last year. First semester net loss also declined to P45.31 million from a net loss of P141.25 million in the same period last year.
First half revenues surged by 165 percent year-on-year to P172.6 million. For the second quarter alone, revenues rose by 144 percent year-on-year to P95.1 million.
Philweb president Dennis Valdes said the increase in the number of outlets availing of Philweb’s EGS to 54 locations— including two outlets dedicated to e-Bingo—resulted in the revenue expansion.
The company also launched in June a second set of games using Habanero software, which did not cannibalize the other software but has instead resulted in higher gross gaming revenues.
“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,” Valdes said.