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IP E-Game Ventures swings to profit in Q2

IP E-Game Ventures Inc. said its normalized net income for the second quarter was 79,130 pesos, compared with a loss of 2.3 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 rose to 0.2% from negative 5.5% in the year-earlier period.

Total revenue climbed 15.9% on an annual basis to 48.8 million pesos from 42.1 million pesos, and total operating expenses grew on an annual basis to 47.9 million pesos from 45.8 million pesos.

Reported net income totaled 104,000 pesos, compared with a loss of 4.5 million pesos, or a loss of 0 centavos per share, in the prior-year period.

As of Aug. 22, US$1 was equivalent to 46.53 Philippine pesos.