IPVG Turns to Profit as Sales More Than Tripled

IPVG Corp. (IP), a Philippine online games provider and call-center operator, posted a profit last year, ending four years of losses as sales more than tripled.

Net income was 159.8 million pesos ($3.8 million), after a loss of 102.1 million pesos, Deputy Chairman Roger Stone said at a briefing in Manila. Sales climbed to 923 million pesos from 277 million pesos, he said.

``The results are not a flash in the pan, and we will be breaking these records in 2008,'' Stone said. ``Our footprint is more global now. We are looking at more call-center acquisitions. We also plan to introduce more games this year.''

Rising profit may revive interest in IPVG shares, which have lost 29 percent in value this year, compared with an 18 percent slump in the main Philippine Stock Exchange Index. IPVG's value more than doubled in 2007, after climbing 54 percent in 2006.

IPVG may buy more call centers and providers of outsourced business services this year, with a focus on those that cater to financial companies, Stone said. The company last month agreed to pay $14 million for 70 percent of Interactive Teleservices Corp., which has 10 call centers in the Philippines, Panama and the U.S.

To contact the reporter on this story: Ian C. Sayson in Manila at isayson@bloomberg.net

To contact the editor responsible for this story: Nicolas Johnson in Tokyo at nicojohnson@bloomberg.net

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