PhilWeb income up in 1Q21 on additional electronic gaming sites

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Philippines electronic gaming outlet service provider PhilWeb Corporation has reported a 567% year-on-year increase in net income to Php7.2 million (US$149,000) in 1Q21, boosted by an 8.4% increase in revenues to Php137.9 million (US$2.8 million).

While the impact of the COVID-19 pandemic has kept the companys results subdued, PhilWeb said it was able to record significant improvements over 1Q20 due to the revenue contribution of 19 additional eGames sites that had converted back to PhilWebs Electronic Gaming System, as well as the acquisition of 16 eBingo venues and 2 accredited eBingo machine providers in March 2020.

PhilWeb currently operates 69 eGames outlets and 22 eBingo outlets, while 85 eGames locations utilize PhilWebs Electronic Gaming System and 68 eBingo locations utilize its eBingo machines

The company said its EBITDA surged by 97.9% in 1Q21 to Php28.9 million (US$597,000).