PHILWEB Corp. narrowed its attributable net loss to P29.87 million in the second quarter from P37.63 million a year ago, as remote gaming provided revenues when lockdown measures led to the temporary closure of its sites.
“Our Q2 (second quarter) results were due to the loss of revenues from temporary site closures brought about by the tighter quarantine measures,” PhilWeb President Edgar Brian K. Ng said in a press release on Monday.
He added that the firm’s remote gaming platform, which was launched at the end of March, gave PhilWeb and its business partners a “continuing source of gaming revenues” amid the closure of its brick-and-mortar gaming venues for most of the quarter. The new platform holds a license from the Philippine Amusement and Gaming Corp.
“We were pretty much in a similar situation last year, but our EBITDA (earnings before interest, taxes, depreciation, and amortization) losses are narrower due to remote gaming; we’ve managed to bridge the quarter without the need for external funding,” Mr. Ng said.
In its quarterly report filed last week, PhilWeb said revenues in the three months ending June reached P96.80 million, up by more than 110 times compared with the year-on-year level of P878,760.
PhilWeb’s earnings came from its gaming application services business and income from commissions.
PhilWeb is accredited by the government gaming regulator. its subsidiaries include BigGame, Inc.; e-Magine Gaming Corp.; and PhilWeb Asia-Pacific Corp.
The company’s shares shed 1.76% or four centavos to finish at P2.23 apiece on Monday. — Angelica Y. Yang