IT firm posts net income growth

MANILA, Philippines - Listed technology firm IPVG Corp. on Wednesday reported that its bottomline posted a double-digit growth in the year's first six months. In a statement to the Philippine Stock Exchange, IPVG said its net income jumped 16 percent to P50.51 million while earnings before interest, depreciation and amortization rose 233 percent to P184.26 million. "We expect a steady improvement in our bottom-line and profit to revenue ratios as we complete the integration of our acquisitions, finish accounting for all one-time charges in relation to our acquired companies, and increase our margins through revenue growth and maximization of our economies of scale and synergies across our various units," said Enrique Gonzalez, IPVG chief executive officer. The business process outsourcing group of the company had a total revenues of P1.07 billion or 68,016-percent rise from P1.58 million. The communications group's earnings improved by 125 percent to P434.6 million. The content business group's revenues grew 178 percent to P278.65 million. “From an earnings perspective however, communications and online games contributed a total of P 125.67 million, while BPO and Corporate Overhead reported losses of P75.16 million, thus resulting in consolidated earnings of P50.51M in the first six months of 2008," the company said. GMANews.TV