IPVG incurs P304-M loss in 9 mos

MANILA, Philippines - Investment holding company IPVG Corp. incurred a net loss of P304 million in the nine months ending September this year mainly due to the sale of shares in non-listed companies to affiliate IP Ventures as part of its restructuring plan.

IPVG registered revenues of P947 million with an operating profit of P270 million before one-time, non-recurring expenses of P505 million. This was due to the strong increase in revenues of IP E-Game Ventures Inc. from P160 million to P337 million and the sustained strong performance of IP Converge Data Center with revenues of P419 million.

IPVG generated a positive operating income of P270 milion including gains on sale of assets before one-time charges of P505 million.

The company has been completing its restructuring plan with the transfer of substantially all assets to IP Ventures, which earlier forged a partnership with Bodhi Investments LLC to operate leading Vietnamese coffee brand Highlands Coffee in the Philippines.

“This restructuring starts with IP Ventures with a very solid foundation, a clean balance sheet and a strong institutional investor. With a financially stronger parent company, we are well positioned to support the growth initiatives of our subsidiaries particularly the expansion of our retail network,” said Enrique Gonzalez, chief executive officer of IPVG.