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IP E-Game Ventures swings to loss in Q3

IP E-Game Ventures Inc. said its normalized net income for the third quarter amounted to a loss of 565,000 pesos, compared with income of 3.1 million pesos in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 1.2% from 6.4% in the year-earlier period.

Total revenue fell year over year to 46.8 million pesos from 48.2 million pesos, and total operating expenses rose year over year to 48.0 million pesos from 46.6 million pesos.

Reported net income totaled a loss of 1.2 million pesos, or a loss of 0 centavos per share, compared to income of 5.0 million pesos, or 0 centavos per share, in the year-earlier period.

As of Nov. 15, US$1 was equivalent to 49.17 Philippine pesos.