Gaming firm PhilWeb Corp. said Tuesday it narrowed its net loss in 2020 to P60 million from P85.5 million in 2019.
PhilWeb said in a filing with the Philippine Stock Exchange that revenues declined 51 percent to P264.8 million from P539.8 million in 2019 following the closure of eGames and eBingo outlets on March 16, 2020. These began to gradually re-open at reduced capacities on June 15, 2020.
“PhilWeb has been EBITDA-positive since October 2020 and net income since November 2020 despite gaming venues generally averaging 60 percent daily revenues from pre-quarantine levels,” said PhilWeb president Brian Ng.
“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,” Ng said.
He said with the recent acquisition, the company was on stable ground and well positioned for the return to economic activity in the second half of the year.
