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IP E-Game Ventures Q1 loss narrows YOY

IP E-Game Ventures Inc. said its first-quarter normalized net income amounted to a loss of 1.2 million pesos, compared with a loss of 6.1 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 increased to negative 2.7% from negative 16.6% in the year-earlier period.

Total revenue rose 22.1% year over year to 44.7 million pesos from 36.6 million pesos, and total operating expenses increased 51.5% from the prior-year period to 47.4 million pesos from 31.3 million pesos.

Reported net income totaled a loss of 2.4 million pesos, or a loss of 0 centavos per share, compared to income of 33.4 million pesos, or 0 centavos per share, in the prior-year period.

As of June 11, US$1 was equivalent to 45.28 Philippine pesos.