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IP E-Game Ventures Q1 loss narrows YOY

IP E-Game Ventures Inc. said its first-quarter normalized net income came to a loss of 914,790 pesos, compared with a loss of 1.2 million pesos in the prior-year period.

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

The normalized profit margin increased to negative 1.9% from negative 2.7% in the year-earlier period.

Total revenue climbed 8.7% on an annual basis to 48.6 million pesos from 44.7 million pesos, and total operating expenses grew year over year to 48.5 million pesos from 47.4 million pesos.

Reported net income totaled a loss of 1.6 million pesos, or a loss of 0 centavos per share, compared to a loss of 2.4 million pesos, or a loss of 0 centavos per share, in the prior-year period.

As of May 23, US$1 was equivalent to 46.73 Philippine pesos.