PhilWeb incurs P60 million loss in 2020

MANILA, Philippines — PhilWeb Corp. reported a net loss of P60 million in 2020, a decline of 30 percent from the previous year.

Revenues went down by 51 percent to P264.8 million from P539.9 million a year ago.

However, the company was able to post a net income of P7 million in the fourth quarter despite lower per-site gaming revenues brought about by quarantine restrictions and various safety measures being implemented to limit the spread of COVID-19.

PhilWeb had to close its eGames and eBingo outlets from March 16, 2020. It only began to gradually re-open at reduced capacities starting June 15.

Brian Ng, president of PhilWeb, said the company has been EBITDA positive since October 2020 and has posted a net income since November 2020 despite gaming venues generally averaging 60 percent of daily revenues from pre-quarantine levels.

“We wouldn’t have been able to achieve these results in this challenging environment without the support of our majority shareholder and chairman, Gregorio Araneta III, the sacrifice and commitment of the PhilWeb employees, and the support and cooperation of our various business partners and other stakeholders,” Ng said.

PhilWeb’s fourth quarter 2020 results came before its acquisition of 16 eBingo venues and two accredited eBingo machine providers, as well as the revenue contribution of its additional eGames sites.

The company reverted back to its electronic gaming system at the start of 2021.

Ng said PhilWeb is on stable ground and is well positioned as it anticipates the return of economic activity in the second half.

PhilWeb is an accredited service provider of the Philippine Amusement and Gaming Corp. As of end-2020, it had a network of 69 eGames outlets and 22 eBingo outlets, which are all operational.

As of today, there are 85 eGames locations utilizing PhilWeb’s electronic gaming system and 68 eBingo locations using the company’s eBingo machines.

It was recently obtained license to operate its remote gaming platform to allow high-value customers to enjoy PhilWeb gaming products outside of eGames venues.