PhilWeb Corp, a Philippine provider of e-bingo and other games, said its first half loss narrowed by about a half from the same period a year ago, helped by a 25 percent increase in revenue.
Revenue hit PHP246 million ($4.7 million), while its loss narrowed to PHP22 million.
The company said revenue growth was generated by the strong performance of the company’s 68 electronic casino outlets and by its new co-managed network of 22 electronic bingo outlets, which were part of a deal agreed last month with the Palmary group of companies.
“We are pleased that our venture into e-bingo is immediately reaping dividends for the company, and we look at continuing to aggressively expand our two-fold footprint in the electronic gaming sector in the months to come,” said Chairman Gregorio Ma. Araneta III.
“We are also pleased to note that we have delivered a positive EBITDA for the fifth consecutive quarter, to a total of P16 million for H1 2019, six times higher than the P2.4 million figure for H1 2018,” Araneta said. “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.”