GAMING and internet company PhilWeb Corp. announced that its first-quarter net income hit P5.58 million, lower by nearly 22% year on year, but it said revenues during the period were on an uptrend.
“Our revenues are now increasing with the easing of COVID restrictions. These were dampened due to the Omicron surge earlier this year, but our March 2022 revenues are the highest since our gaming services resumed in 2017,” PhilWeb President Brian K. Ng said in a statement on Tuesday.
He said the community quarantine restrictions had prevented patrons from visiting gaming venues from April to October last year.
“But the timely launch of our ‘egamescasino.ph Remote Gaming Platform’ at the end of March 2021 allowed our partners to continue to provide safe and legal gaming services to their registered patrons, in the safety of their own homes,” Mr. Ng added.
In the first quarter of 2022, the company said its revenues were up 32% to P181.7 million, while earnings before interest, taxes, depreciation, and amortization (EBITDA) was at P32.1 million.
In 2021, total revenues more than doubled to P538 million from P265 million in the previous year.
PhilWeb’s Chairman Gregorio Ma. Araneta III said the company’s services had already contributed more than P256 million to Philippine Amusement and Gaming Corp. and the government in the first quarter alone.
“Our business partners, the licensed venue operators, are able to provide a legal, regulated, trusted, and safe gaming experience to the public, whether it be inside the venue, or online. We look forward to growing and continuing this for the long term,” he said.
PhilWeb’s regulated gaming solutions currently covers more than 150 eGames and eBingo venues nationwide, up 75 locations as of end-2020.
In 2003, the company received a government license to launch e-Games Stations, which are Internet cafes exclusively dedicated to casino games.
PhilWeb’s subsidiaries include BigGame, Inc.; e-Magine Gaming Corp.; PhilWeb Asia-Pacific Corp.; Major Games and Amusement Corp.; and PhilWeb Mobile Lottery Corp.
At the stock exchange on Tuesday, PhilWeb shares were up by 3.57% or P0.08 to close at P2.32 each. — Luisa Maria Jacinta C. Jocson