IP E-Game Ventures Inc., the listed firm operating Netopia internet cafes, reported a narrower net loss in the first half of the year from a year ago on sustained earnings from its internet cafe business.
In a quarterly report posted on the website of the Philippine Stock Exchange, IP E-Game said its net loss was cut to P1.37 million in the first half from a loss of P8.88 million in the same period last year.
It said net revenues increased 12 percent to P97.32 million in the first six months from P86.74 million a year earlier on the strong performance of its computer shop networks nationwide.
Under its subsidiary Digital Paradise Inc. (DPI), the company operates 100 Netopia and EGG internet cafes in the country, 70 of which are company-owned while the rest are franchised. All are strategically placed within malls and near schools.
Through its unit Webworx Inc., the firm operates 23 outlets of the CYBR chain of internet cafes in Luzon, of which 18 are company-owned and five are franchised.
IP E-Games used to be the leading online game publisher of casual online games and various multiplayer online role-playing games (MMORPG) in the country, publishing boxed physical versions of blockbuster game titles such as Diablo III, World of Warcraft, and NBA 2K series, among others.
But it shifted its focus to internet cafes after selling all its gaming assets in March 2012, and sold boxed games
until June 2013 when it sold all its inventories. At present, the company has no revenues from game box selling.
Incorporated in November 2005, IP E-Game is transitioning its business to computer shops, developing and designing casual online games. The company is currently studying opportunities in the sectors of gaming, leisure, and entertainment and natural resources.