MANILA, Philippines - IP E-Game Ventures Inc., the online gaming unit of privately-held investment firm IP Ventures Inc., jacked up its net income to P51 million in the nine months ending September this year from a meager P1 million the previous year on the back of robust revenues and gain from asset sale.
In a filing with securities regulators, E-Games said revenues jumped 155 percent to P337 million from P132 million due to a 17 percent growth in game publishing revenue and the consolidation of the Internet café business - Digital Paradise Inc. and Webworx Computer Technology Corp.
The company also realized a gain from the sale of its stake in First Cagayan Data Center Inc. in April.
Last September, E-Games further solidified its position in the Internet café business with the purchase of Webworx, owner and operator of the CyBr brand. The purchase gives E-Games a total of 160 Internet cafes, making it the largest Internet café operator in the country.
CyBr is the most prominent brand of Internet cafes in the Philippines focused on servicing the online gaming community. Services offered consist of computer renting, printing and photocopying, and network and online gaming.
Between the E-Games community of 16 million registered users and the i-café business’ two million monthly visitors, the company has one of the largest captive audiences in the country.