Philweb Corp. said Monday it ended the first quarter with a net income of P2.3 million, a turnaround from a net loss of P5.5 million in the same period in 2023.
Philweb said in a disclosure to the stock exchange its revenues were driven by its eGames service, despite the effects of tighter responsible gaming regulations in some local government jurisdictions.
Philweb also disclosed a net loss of P72 million in 2023 although its revenues increased to P816 million during the period.
“It was necessary for us to account for a number of one-time, non-recurring items, otherwise, the company would have reflected a positive result for the year,” Philweb chairman Gregorio Araneta III said.
“Our eGames services and long-time business partners are already achieving and exceeding pre-pandemic revenue levels, despite the proliferation of other PAGCOR-accredited service providers in the market today,” he said.