Gambling firm Philweb Corp. on Tuesday said it incurred a net loss of P60 million in 2020, steeper than the previous year’s P59.5-million loss, after its gaming sites were shuttered due to quarantine restrictions.
Revenues were cut in half to about P132 milion from last year’s P264.88 million, as a result of the closure of eGames and eBingo outlets from March 16 last year, and which only began to gradually re-open at reduced capacities starting June 15, 2020. For the fourth quarter alone, the company had revenues of P105 million and a net income of P7 million.
“Philweb has been EBITDA [earnings before interest, taxes, depreciation and amortization] positive since October 2020 and net income since November 2020 despite gaming venues generally averaging 60 percent daily revenues from pre-quarantine levels,” Brian Ng, the company’s president, said.
“Our fourth quarter 2020 results came before Philweb’s acquisition of 16 eBingo venues and two accredited eBingo machine providers, as well as the revenue contribution of additional eGames sites incrementally converting back to our Electronic Gaming System at the start of 2021. The company is on stable ground and well positioned as we anticipate the return to economic activity in the second half of the year.”
The company is an accredited service provider of the Philippine Amusement and Gaming Corp. At the end of last year, Philweb’s network of 69 eGames outlets and 22 eBingo outlets are all operational. As of today, there are 85 eGames locations utilizing Philweb’s electronic gaming system and 68 eBingo locations utilizing the company’s eBingo machines.
The company recently secured an approval by the regulator to operate its remote gaming platform to allow high-value customers to use its gaming products outside of eGames venues.