PhilWeb Corp. said it had its best quarterly performance in EBITDA terms in three years in Q3, helped by its network of e-bingo machines.
Revenue in the quarter rose 48 percent to P149 million ($2.88 million), while it swung to a profit at the EBITDA level of P19 million from a loss of P9.6 million a year earlier.
Dennis Valdes, president of PhilWeb, said it was the company’s strongest quarterly performance in terms of EBITDA in three years.
“Unfortunately, we still have a small net loss for the quarter, just P4.5 million, much less than the P25 million net loss in Q3 2018. 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.”
Philweb’s profits were hit hard after the Philippine Amusement and Gaming Corp. failed to renew its license in August 2016, due to a spat between its former chairman and President Rodrigo Duterte.
Revenue growth in the most recent quarter was generated by 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, noted; “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.”
PhilWeb is an accredited service provider to PAGCOR, the Philippine Amusement, and Gaming Corporation, for its network of electronic gaming outlets. It also has a wholly owned subsidiary, BigGame, Inc, which has PAGCOR Gaming Licenses for its e-Games outlets.
Palmary Corporation is an operator of electronic bingo outlets and an accredited e-bingo machine supplier to PAGCOR, for its network of electronic bingo outlets, and operates 16 outlets.