IPVG posts profit turnaround in 2007

MANILA, Philippines- Information technology company IPVG Corp. on Friday announced that it posted a profit turnaround in 2007 on strong revenue growth. In a statement to the Philippine Stock Exchange, the company said it posted a net income of P159.8 million, from a loss of P102.1 million in 2006. The company said 2007 was its first profitable full year. IPVG also said its consolidated group revenues increased 233 percent to P923 million. "IPVG is definitely on track with our five-year roadmap. The triple digit growth we have achieved is a testament to our resilience and stability as an organization. We are confident that the value proposition offered by our subsidiaries and our new ventures will continue to boost our business in a continuing upward trend," said Roger Stone, deputy chairman of IPVG Corp. - GMANews.TV