PhilWeb’s revenue grows 236 pct in 18Q1

The game technology provider ended a two-year losing streak after recording a massive 236 per cent revenue growth in the first quarter of 2018.

Philippines.- After two years of nothing but losing figures, Philippine-listed game technology provider PhilWeb Corp. finally reported a revenue increase after seeing a 236 per cent growth in the first quarter of 2018. The company posted revenues of €1.37 million between January and March, way higher than last year’s €407,000.

Not only did PhilWeb post higher revenues, but it also cut down its cash losses by 91.1 per cent to €68,600 during this year’s first three months, from 2017’s €708,000.

“These positive results were brought about by the approval by the Philippine Amusement and Gaming Corporation (PAGCOR) for PhilWeb [back in November] to offer its Electronic Gaming System (EGS) to operators, thereby allowing the Company to fully resume its operations,” PhilWeb said in a statement.

The licence issued was only made possible by former chairman Roberto Ongpin’s decision to step down from his position. Mr Ongpin had a bad relationship with Philippine President Rodrigo Duterte and that caused PhilWeb to lack a licence after its own expired in 2016. However, when Gregorio Araneta III took his place, the company’s position changed, and the move ultimately led to the recent results.