PhilWeb posts net profit of US$3,950 for Q2

The electronic gaming outlet service provider’s gross revenue was up 4.8 per cent year-on-year.

The Philippines.- PhilWeb Corporation has reported net profit of PHP224,929 (U$3,950) for the second quarter of the year. That compares to a net loss of PHP5.26m (US$92,356) for Q2 last year.

Gross revenue was up 4.8 per cent year-on-year to PHP208.89m (US$3.66m) mainly due to a reduction in gross expenses, which fell by 1.5 per cent to PHP193.84m (US$3.40m). The company’s balance sheet showed a slight decrease in current assets to PHP208.94m (US$3.66m) and reduction in total liabilities to PHP661.03m (US$11.6m).

The company posted positive income before tax of PHP10.45m (US$183,384). For the first half of the year, gross revenue grew by 2.6 per cent to PHP414.15m (US$7.27m). PhilWeb operates 86 PAGCOR licenced video game cafes. On March 23, 2021, the company received approval to operate its Remote Gaming Platform (RGP).