IPVG posts P298.72 M in H1 net income

Technology conglomerate IPVG Corp. posted a P296.72-million net income for the first half of 2011, according to a statement released Monday. The publicly-listed firm’s first half results reflect a dramatic increase from the P10.18 million it registered a year earlier. Consolidated revenues, meanwhile, came in at P650.28 million, up 3.1 percent from the P630.82 million year-on-year. “IPVG’s robust performance for the first two quarters of 2011 is a continuation of its strong financial results in 2010," said IPVG in the statement. The “strong financial performance" of its major subsidiaries and the sale of its majority stake in the network security company Prolexic Technologies Inc. to Kennet Partners, an international growth equity investment firm, helped buoy IPVG’s first half net income. “The financial performance of the Group is the true validation of the success of our strategy and execution. We will continue to work towards sustaining this success through the second half, and the years to follow. Our improved balance sheet, reduction in debt, and increase in cash levels all serve to position the Group for new opportunities and continued expansion," said IPVG CEO Enrique Gonzales in the statement. In particular, IP Converge Data Center Inc. (IP-Converge), IPVG’s listed data center subsidiary, reported a net income of P33.3 million — a 60 percent increase from the P20.95 million year-on-year. Revenues for IP-Converge hit P259.42 million from P247.82 million. IP E-Game Ventures Inc., the company’s listed online gaming subsidiary, reported a P198.21 million in revenues, up from P87.96 million. Earnings before interest, taxes, depreciation, and amortization hit P62.34 million, up 460 percent P11.13 million. The increase, IPVG said, was primarily due to the growth of the game publishing industry and the consolidation of Netopia, one of the country’s more well-known Internet café franchises, under the gaming company. “Prolexic likewise contributed a net income of P26 million on the back of strong sales from institutional clients," IPVG said. — BC/VS, GMA News