Philweb on way to profitability

Philweb Corp., a technology provider for the gaming industry, is charting a comeback into profitability through its electronic gaming system (EGS) and a host of future products.

 “I am deeply committed 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 chair Gregorio Ma. Araneta III said in a press statement yesterday.

“We believe those times will come back soon,” he added.

In the second quarter, Philweb narrowed its net loss to P16.44 million compared to a net loss of P68.93 million in the same period last year. First-semester net loss also declined to P45.31 million from a net loss of P141.25 million in the same period last year.

First half revenues surged by 165 per cent year-on-year to P172.6 million. For the second quarter alone, revenues rose by 144 per cent year-on-year to P95.1 million.

Philweb president Dennis Valdes said the increase in the number of outlets availing of Philweb’s EGS to 54 locations – including two outlets dedicated to e-Bingo – resulted in the revenue expansion.

The company also launched in June a second set of games using Habanero software, which did not cannibalise the other software but has instead resulted in higher gross gaming revenues.

 “We intend to use this learning to continue to introduce new gaming software to our pool of customers, so that we can continue to attract new players to our e-Games outlets,” Valdes said.

Source: inquirer.net