PhilWeb has released its third quarter report, showing a drop in gross revenue and a considerable expansion of its net losses.
For the third quarter of 2024, PhilWeb reported gross revenue of PHP183.66 million ($3.12 million), a decrease of 8.6 percent from PHP200.95 million ($3.42 million) in the same period last year.
At present PhilWeb and its subsidiary Easy e-Bingo are accredited suppliers to 75 e-Bingo outlets across the Philippines. PhilWeb also provides technology services to the government agencies Philippine Amusement & Gaming Corporation (PAGCOR) and the Bureau of Internal Revenue (BIR).
Year-to-date gross revenue stands at PHP597.81 million ($10.16 million), a decrease of 1.3 percent compared to PHP604.59 million ($10.28 million) recorded in the previous year.
The company’s gross expenses also fell, totaling PHP181.69 million ($3.09 million) for the quarter, down 7.7 percent from PHP196.99 million ($3.35 million) in Q3 2023. Year-to-date expenses were reported at PHP569.33 million ($9.69 million), reflecting a decrease of 4.5 percent from PHP596.39 million ($10.14 million) in the previous year.
Despite the reduction in expenses, PhilWeb recorded a net loss of PHP12.62 million ($214,000) for the quarter, significantly worse than the loss of PHP2.93 million ($50,000), representing an increase in loss of 331.4 percent year-over-year.
The year-to-date net loss amounts to PHP10.09 million ($171,000), an improvement of 26.6 percent from a loss of PHP13.64 million ($232,000) during the same period last year. The earnings per share (EPS) for the third quarter remained at PHP-0.01 (approximately -$0.00017), consistent with the previous year’s figure.
On the balance sheet, as of September 30, 2024, PhilWeb’s total assets decreased to PHP1.21 billion ($20.60 million), down 1.6 percent from PHP1.23 billion ($20.93 million) at year-end 2023.
