Asia

PhilWeb Reduces Net Loss to $1.2M

Published

4 years ago

April 8, 2021

Niji Narayan

Reading Time: < 1 minute

PhilWeb Corporation has reported a 30% decrease in its net loss to Php60 million (US$1.2 million) in 2020, despite suffering a 51% decline in revenue due to COVID-19 closures.

The company’s sites were all closed on 15 March 2020 as the COVID-19 pandemic hit the Philippines before gradually re-opening at reduced capacity from June, resulting in reduced revenues of Php105 million (US$2.2 million) and EBITDA of Php30 million (US$618,000).

However, PhilWeb President Brian Ng said that positive EBITDA has been printed since October and net income since November, with venues operating at around 60% capacity.

“Our fourth quarter 2020 results came before PhilWeb’s acquisition of 16 eBingo venues and 2 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,” Brian Ng said.

“The Company is on stable ground and well positioned as we anticipate the return to economic activity in the second half of the year.”

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.