Philippines eGames service provider PhilWeb reported net income of Php2.3 million (US$40,400) in 1Q24, reversing a net loss of Php5.5 million (US$96,480) a year earlier.
In a filing, PhilWeb said the return to profitability was a result of significantly higher revenues driven primarily by its eGames service and despite the effects of tighter responsible gaming regulations in some local government jurisdictions.
The company previously reported a net loss of Php72 million (US$1.26 million) for FY23 on revenues totalling Php816 million (US$14.3 million).
“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,” said PhilWeb’s Chairman, Gregorio Araneta III.
On the 1Q24 results, Araneta added, “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. Given our footprint in the land-based and virtual electronic gaming space, Philweb is expected to benefit further with the significant reduction of PAGCOR’s share from gaming revenues.”
PAGCOR recently announced it would reduce its share in eGaming revenues as of April 2024, with a further reduction scheduled for January 2025.
PhilWeb supplies software content, eBingo machinery and services to a network of 150 licensed gaming venues, and also owns and operates 50 electronic gaming and electronic bingo venues across the Philippines.
RelatedPosts
