IP E-Game Ventures Inc. said its third-quarter normalized net income amounted to 3.1 million pesos, a gain of 86.5% from 1.7 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 6.4% from 1.3% in the year-earlier period.

Total revenue decreased 62.9% on an annual basis to 48.2 million pesos from 129.9 million pesos, and total operating expenses fell 62.8% year over year to 46.6 million pesos from 125.4 million pesos.

Reported net income fell 43.6% from the prior-year period to 5.0 million pesos, or 0 centavos per share, from 8.9 million pesos, or 0 centavos per share.

As of Nov. 25, US$1 was equivalent to 47.05 Philippine pesos.