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PhilWeb’s losses balloon to ₱599M
Manila Bulletin
|April 4, 2025
Araneta-led gaming firm PhilWeb Corp. reported that its losses ballooned to ₱599.2 million last year, 734-percent higher than the ₱71.7-million loss incurred in 2022, mainly due to one-time costs.
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In a disclosure to the Philippine Stock Exchange, the gaming company said the loss is attributed largely to one-time accounting impairments on goodwill of non-performing assets and value-added tax (VAT) credits from its revenues from gaming-related services.
PhilWeb said its revenues dipped five percent to ₱774.6 million pesos in 2024 from ₱816.1 million in 2023.
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