Despite a drop in per-site gaming sales owing to lockout constraints and health protocols imposed in the pandemic, PHILWEB Corp’s net earnings hit P7 million for this fourth quarter of 2020.
Edgar Brian K. Ng, President of PhilWeb, reported Monday’s announcement that “PhilWeb has been a positive EBITDA since October 2020 and net sales since November 2020, despite gaming venues typically average 60% regular earnings from pre-quarantine levels.”
The business produced EBITDA (earnings before interest, tax, depreciation and amortization) of P30 million, while the quarter sales totaled P105 million. In the previous year, no comparable estimates were disclosed from the same time.
In 2020, the net loss attributed to the parent company by PhilWeb and its subsidiaries has decreased by 30% to P59,51 million. Out of the 539.86 million P264.88 million, the total sales decreased 50.9%.
This was the reversal of its 2019 full-year P58,4 million EBITDA, with losses before interest, royalties, depreciation and amortization worth P13,53 million.
PhilWeb has had total losses of P542.47 million in the previous year compared with P62.13 million.
Mr. Ng said, however: “The business is profitable and well placed, as we expect the second half of the year to return to economic operation.”
“Our outcome for the fourth quarter of 2020 was before PhilWeb acquired 16 eBingo (electric bingo) locations and two licensed eBingo suppliers, as well as an income share of additional eGames platform, which at the beginning of 2021 gradually converted our electronic gaming framework back,” said Mr. Ng.
In March, the business announced that it purchased P450 million and P280 million of eBingo system suppliers. It expanded PhilWeb’s market, now with a double imprint across the whole electronic games industry. The deal was concluded.
At the end of last year there were 69 eGames (electronic games) outlets and 22 eBingo outlets.
“Today there are 85 eGames sites using the electronic game method of PhilWeb, and 68 eBingo sites that use the eBingo machinery of PhilWeb.”
PhilWeb is a Philippine Amusement and Gaming Corp’s certified service provider. It has recently obtained permission to run its remote gaming network to provide gaming goods to consumers outside their sites.