PhilWeb Corp, a Philippines-listed eGames service provider, turned around its financial performance in the second quarter of 2024. The company reported a positive net income of PHP224,929 for the quarter ending June 30th, 2024, marking a significant recovery from the PHP5.26 million net loss in the same period of 2023.
PhilWeb’s gross revenue increased by 4.8 percent year-on-year, reaching PHP208.89 million in the second quarter of 2024, up from PHP199.36 million in the same quarter the previous year.
The company, which supplies software content, eBingo machinery, and services to 150 licensed gaming venues, also owns and operates 50 electronic gaming and electronic bingo venues across the Philippines.
Revenue growth during the second quarter of this year was supported by a slight reduction in gross expenses, which fell by 1.5 percent to PHP193.84 million, compared to PHP196.77 million the year before.
As a result, PhilWeb posted a positive income before tax of PHP10.45 million, a significant improvement from the PHP2.2 million loss before tax in the same quarter last year.
For the year-to-date period, gross revenue grew by 2.6 percent to PHP414.15 million, while gross expenses decreased by 2.9 percent to PHP387.64 million.
Despite the positive momentum, the company’s balance sheet showed a slight decrease in current assets to PHP208.94 million and a reduction in total liabilities to PHP661.03 million from PHP669.95 million at the end of the previous fiscal year.
PhilWeb is a PAGCOR licensed company the offers online gaming for the Philippine market through their brand eGames.