PhilWeb posts strong performance in q1-2018

Philippines e-gaming provider PhilWeb Corp. has posted a come-back Q1-2018 report showcasing revenue up 236.7 percent y-o-y at PHP87.8 million (US$1.68 million), and a reduction in cash losses by 91.1 percent to PHP4.4 million (US$84,159), a remarkable recovery from the same period last year when losses reached PHP45.4 million (US$868,375).

Philweb provides software and other services to operators of PAGCOR-licensed gaming sites, and went through a difficult patch shortly after top government changes in the Philippines in late 2016, when its licence expired and was not renewed until late last year (see previous reports).

The parlous situation the company found itself in resulted in its chairman Roberto Ongpin stepping down to be replaced by Gregorio Araneta, who rebranded the corporate and resolved its issues with government.

Related and similar