Gaming tech firm Philweb close to turnaround

Gaming technology provider Philweb Corp. is a step closer to a turnaround as operations in the third quarter of 2019 posted the best results seen since its shutdown in August 2016.

Philweb’s net loss narrowed to P4.5 million in the third quarter compared to P25.2 million in 2018. Nine-month net loss also shrunk to P26.79 million from P70.53 million year-on-year.

Revenues for the third quarter surged by 48 percent year-on-year to P149 million, buoyed by the performance of 73 electronic gaming outlets either directly owned by PhilWeb or under the joint cooperation agreement signed with the Palmary group of companies last March.  Nine-nonth revenues amounted to P394.9 million, rising by 33 percent year-on-year.

“E-bingo has been a pleasant surprise for PhilWeb,” said Philweb chair Gregorio Araneta III in a disclosure to the Philippine Stock Exchange.

E-bingo outlets with a network of more than 1,000 e-bingo machines nationwide worked wonders for the company, the disclosure said. “With the new sources of revenue, we have doubled our growth engines,” it said.

Dennis Valdes, Philweb president, said cash flow, measured by earnings before interest, taxes, depreciation and amortization, surged to P19 million from negative P9.6 million in 2018.

He said net loss was much lower than that in 2018. “This shows we are well on track” to making Philweb profitable again, said Valdes./TSB