One-offs weigh down Philweb

Philweb Corporation ended the first quarter with a net income of P2.3 million, an increase of 142 percent from the net loss of P5.5 million from the same period in 2023.

Revenues were driven primarily by Philweb’s eGames service, despite the effects of tighter responsible gaming regulations in some local government jurisdictions.

This first quarter’s performance is an improvement over the company’s net loss of P5.5 million during the same period in 2023.

Philweb had also disclosed a net loss of P72 million for 2023, despite company revenues increasing to P816 million.

As Philweb’s chairman, Gregorio Araneta III explained, “We needed to account for several one-time, non-recurring items, otherwise, the company would have reflected a positive result for the year.”