PhilWeb Corporation, a service provider to Philippines gaming regulator PAGCOR’s network of electronic gaming outlets, saw its losses narrow considerably in 2018, down from a loss of Php293.3 million (US$5.6 million) in 2017 to Php78.1 million (US$1.5 million).
The results were due to a 132% increase in revenue for the year to Php366 million (US$7 million) on the back of an increase in the number of outlets it services, which currently sit at 63 gaming locations utilizing PhilWeb’s Electronic Gaming System, including two outlets dedicated to e-Bingo.
“We are especially proud to note that PhilWeb generated positive cash flow for the first time in three years,” said PhilWeb President Dennis Valdes. “Our EBITDA was a positive Php9 million, as opposed to the Php152 million of negative cash flow in 2017.”
PhilWeb Chairman Gregorio Ma. Araneta III added that the company has now increased revenue every quarter for the past two years.