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Philippines Technology firm profit surged in H1

Listed tech firm, IPVG has said its net income reached P296 million in the first half, much higher than its P10.8-million net income last year. The improvement came despite just a slight uptick in gross revenues to P650.28 million, 3.1% higher year on year. “The rise in net income is attributable to the strong performance of the company’s major subsidiaries and the sale of its stake in network security company Prolexic Technologies Inc., which was sold to international equity investment firm Kennet Partners last March.

IPVG subsidiary IP Converge Data Center Inc. posted a first-half net income of P33.5 million, up 60 percent from a year ago. This came as revenues rose to P259.42 million from P247.82 million in the first half of 2010. IP Converge’s main data centre in RCBC Plaza in the middle of the Makati Central Business District currently operates at full capacity. IP Converge said it intended to put up its second data centre in Bonifacio Global City this September

Source: Philippine Daily Inquirer

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