PhilWeb Corp., the gaming and entertainment company owned by Greggy Araneta, incurred a net loss of P5.5 million in the first quarter of 2023, as expenses surged due to the full operation of its eGames and eBingo sites.
This marks a reversal from the P5.58 million net income it recorded in the same period last year.
While revenues for the quarter increased by 12.4 percent to P204.3 million from P182.67 million in 2021, the company’s cost and expenses also rose by P35.4 million or 21.2 percent to P202.6 million.
PhilWeb attributed the revenue growth to the full operating capacity of its eGames and eBingo sites, as well as the contribution of its Remote Gaming Platform.