Philippines-listed eGames service provider PhilWeb Corp has maintained the turnaround in its financial performance during the second quarter of 2024.
The company achieved positive net income of PHP224,929 ($3,950) for the quarter ended June 30th, 2024, a notable recovery compared to the PHP5.26 million ($92,356) net loss reported in the same quarter of 2023.
Meanwhile, PhilWeb’s gross revenue increased by 4.8 percent year-on-year, reaching PHP208.89 million ($3.66 million) in the second quarter 2024, up from PHP199.36 million ($3.5 million) in the same quarter last year.
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.
The growth in the company’s revenue 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 ($3.40 million), compared to PHP196.77 million ($3.45 million) in the previous year.
As a result, PhilWeb posted a positive income before tax of PHP10.45 million ($183,384), a significant improvement from the PHP2.2 million ($38,632) loss before tax recorded in the same quarter last year.
Gross revenue for the year-to-date period grew by 2.6 percent to PHP414.15 million ($7.27 million), while gross expenses decreased by 2.9 percent to PHP387.64 million ($6.80 million).
Despite the positive momentum, the company’s balance sheet showed a slight decrease in current assets to PHP208.94 million ($3.66 million), with a slight reduction in total liabilities to PHP661.03 million ($11.6 million) from PHP669.95 million ($11.76 million) at the end of the previous fiscal year.
