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PhilWeb falls to US$10.5 million loss in FY24 on asset impairments

Summary by IAG
Philippine eGames provider PhilWeb Corporation fell to a Php599.2 million (US$10.5 million) loss for the year ended 31 December 2024, with the company attributing the loss to one-time accounting impairments on goodwill of non-performing assets and VAT credits from franchise tax implementation on the company’s revenues from gaming-related services. Revenue for the year was Php774.6 million (US$13.6 million). “Had our revenues not been subject to …
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PhilWeb falls to US$10.5 million loss in FY24 on asset impairments

Philippine eGames provider PhilWeb Corporation fell to a Php599.2 million (US$10.5 million) loss for the year ended 31 December 2024, with the company attributing the loss to one-time accounting impairments on goodwill of non-performing assets and VAT credits from franchise tax implementation on the company’s revenues from gaming-related services. Revenue for the year was Php774.6 million (US$13.6 million). “Had our revenues not been subject to …

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IAG broke the news in on Thursday, April 3, 2025.
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