Philippine-listed game technology provider PhilWeb Corp. managed to become profitable again as its revenue grew more than double during the first three months of 2018.

In a regulatory filing, PhilWeb reported that its revenue leaped by 236.7 percent to PHP87.8 million ($1.68 million) in the first quarter of 2018 compared to the PHP26.1 million ($499,220) it posted in the same quarter of 2017.

PhilWeb also managed to trim its cash losses by 91.1 percent to PHP4.4 million ($84,159) during January-March 2018 period from PHP45.4 million ($868,375) in the first quarter of 2017.

The revenue surge came after the Philippine Amusement and Gaming Corporation (PAGCOR) issued PhilWeb a Certificate of Accreditation as an Electronic Gaming System (EGS) provider of licensed gaming sites for electronic games in November 2017.