PhilWeb Corp. posted slimmer losses in the second quarter as revenues improved thanks to its foray into electronic bingo (e-bingo).

The listed gaming firm reported an P11.69 million net loss attributable to equity holders of the parent company in the three-month period, narrower by 28.9% from P16.44 million loss in the same period last year.

Its attributable net loss for the six months ending June was also cut by half to P22.29 million from P45.31 million in the same period last year.

The improvement was driven by a 15% rise in revenues to P125.4 million in the second quarter, driven by an increase in the number of its operating sites.

Six-month revenues likewise grew 25% to P246.1 million from P196.5 million in the same period last year.

“We are pleased that our venture into e-bingo is immediately reaping dividends for the company, and we look at continuing to aggressively expand our two-fold footprint in the electronic gaming sector in the months to come,” PhilWeb Chairman Gregorio Ma. Araneta III said in a statement.