GAMING technology provider Philweb Corp. ended 2023 with a net loss of P72 million but started this year on a high note as it swung back to profitability with a P2.3-million net income in the first quarter.

The 2023 result was a turnaround from the P27 million net income booked a year earlier, despite total revenues expanding to P816 million, Philweb said in a filing on Monday.

"It was necessary for us to account for a number of one-time, non-recurring items; otherwise, the company would have reflected a positive result for the year," Philweb Chairman Gregorio Araneta 3rd said in a statement.

In the first three months of 2024, meanwhile, the company recovered from a P5.5-million net loss incurred in the same period last year as electronic gaming services lifted its first-quarter revenues.

Accredited by the Philippine Amusement and Gaming Corp. (Pagcor), Philweb provides software content as well as eBingo machinery and services to a network of at least 150 licensed gaming revenues.

"Our eGames services and long-time business partners are already achieving and exceeding pre-pandemic revenue levels despite the proliferation of other PAGCOR-accredited service providers in the market today," Araneta said.

"Given our footprint in the land-based and virtual electronic gaming space, Philweb is expected to benefit further with the significant reduction of Pagcor's share from gaming revenues."

The state-run regulator earlier said that it was cutting its share of revenues from online casinos to enhance competitiveness and combat illegal gambling activities. The reductions are expected to take effect in April 2024 and January 2025.

Shares in Philweb were unchanged at P1.67 apiece on Monday,