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 the franchise tax and had we not taken the recommended goodwill impairments, PhilWeb would have had better operating cash flows versus 2023 and we would have been in net income territory,” said PhilWeb’s chairman, Gregorio Ma. Araneta III.
