PhilWeb narrows loss in 2020 but EBITDA positive since October

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Philippines electronic gaming outlet service provider PhilWeb Corporation 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.

PhilWeb itself is an accredited gaming service provider to a network of 85 eGames outlets and 68 eBingo outlets, as well as directly operating 69 PAGCOR licensed eGames outlets and 22 eBingo outlets nationwide.

The companys 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 this week 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 PhilWebs 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, 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.