PhilWeb trims net loss in Q3

Listed gaming company PhilWeb Corp. recorded a strong third quarter.

According to its third quarter financial statements, PhilWeb trimmed its net loss to P4.5 million from P25 million as revenue rose by 48 percent to P149 million.

Earnings before interest, taxes, depreciation and amortization (EBITDA) grew to P19 million from a loss of P9.6 million a year ago.

Dennis Valdes, president of PhilWeb, said this marks the highest quarterly EBITDA achieved by the company in the past three years.

“We are even more pleased because our EBITDA surged to P19 million from a negative P9.6 million a year ago... Unfortunately, we still have a small net loss for the quarter.”

“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,” Valdes said.

Valdes attributed the revenue growth to the strong performance of the 73 electronic gaming outlets either directly owned by PhilWeb or under the joint cooperation agreement signed with the Palmary Group of Companies last March.

Gregorio Araneta III, chairman of PhilWeb, said e-bingo has been a pleasant surprise for PhilWeb.

“Now, aside from our revenues from e-Games outlets and our e-casino software services, we also have revenue streams from e-bingo outlets and a network of over a thousand e-bingo machines deployed throughout the country. With the new sources of revenue, we have doubled our growth engines for the coming year.

The move to enter the e-bingo space in addition to our strong presence in e-casino, PhilWeb remains committed to our role in consistently increasing the revenues of Pagcor, which we have done for over thirteen years,” Araneta said.

PhilWeb is an accredited service provider to the the Philippine Amusement and Gaming Corp., for its network of electronic gaming and electronic bingo outlets.

Its wholly owned subsidiaries include BigGame Inc. and Easy E-Bingo Inc., which operate e-games and e-bingo outlets respectively.