Asia

PhilWeb Reports a 567% Increase in Net Income for Q1 2021

Published

4 years ago

April 29, 2021

Niji Narayan

PhilWeb Reports a 567% Increase in Net Income for Q1 2021

Reading Time: < 1 minute

PhilWeb Corporation has reported a net income of PHP7.2m ($149,000) for Q1 2021, a 567% increase compared to the same period last year.

Revenue grew by 8% to PHP137.9m and EBITDA rose by 98% to PHP28.9m. For the period, costs and expenses were PHP121.6 million, a 2% decrease.

“Results were brought about by the revenue contribution of 19 additional eGames sites that converted back to PhilWeb’s Electronic Gaming System, as well as the acquisition of 16 eBingo venues and 2 accredited eBingo machine providers,” a statement from PhilWeb read.

According to the statement, the positive net income and EBITDA were partially impacted by the increase in the activities of the eGames and eBingo outlets. Recently, the company was approved by PAGCOR to operate its remote gaming platform that allows high-value customers to use PhilWeb gaming products outside of the designated venues.

Related Topics:eGames PAGCOR PhilWeb Corporation PhilWeb’s Electronic Gaming System

Up Next

Different Types of Free Spin Bonuses and What to Look for

Don't Miss

HyperX Becomes Official Peripheral Partner of Red Bull Racing Esports Team

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.