PHILWEB ON WAY TO PROF­ITABIL­ITY

Philippine Daily Inquirer - - BUSINESS -

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.

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