IP E-Game Ventures Inc. said its normalized net income for the second quarter amounted to a loss of 2.3 million pesos, compared with income of 14.9 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 declined to negative 5.5% from 18.6% in the year-earlier period.

Total revenue fell 47.4% on an annual basis to 42.1 million pesos from 80.0 million pesos, and total operating expenses decreased 49.7% year over year to 45.8 million pesos from 91.1 million pesos.

Reported net income came to a loss of 4.5 million pesos, or a loss of 0 centavos per share, compared to a loss of 27.3 million pesos, or a loss of 0 centavos per share, in the year-earlier period.

As of Aug. 17, US$1 was equivalent to 46.39 Philippine pesos.