GAMEVIL Reports 2.7 Billion KRW Operating Profit in 1Q 2011
The last time we put up a report on mobile video games publisher/developer GAMEVIL, it was about its 2010 results and it was simply AMAZING (check out the original post here), and now, their latest results for the first quarter (Q1) of 2011 shows an increase of 211% in revenue for smartphone games with an increase of 37% for overseas revenue. Check out their press release for the reasons behind these crazy numbers:
GAMEVIL reports 2.7 billion KRW operating profit in 1Q of 2011. Smartphone Revenues Grow by 211%, Overseas Revenue by 37%
LOS ANGELES, CA — May 12th, 2011 — GAMEVIL(R) (KOSDAQ: 063080) achieved revenues of 6.4 billion KRW during the first quarter of 2011. Operating profit for the quarter was 2.7 billion KRW with quarter net profit of 2.5 billion KRW, maintaining the highest percentage of operating profit ratio in the Korean mobile gaming industry, at more than 40%.
Compared to the first quarter of 2010, GAMEVIL’s consolidated overseas revenue has increased by 37% and revenues on smartphone platforms increased by 211%, showing growth from successful moves in line with shifting market trends.
Although expenses increased from new hires and business investments, and a smaller number of new titles were released in the first quarter, GAMEVIL’s second quarter looks to be much stronger with the release of 9 new titles for global app stores such as Apple’s App Store and Google’s Android Market.
“We expect even more growth coming from smartphones and overseas in the 2nd quarter.” said Yong Kuk Lee, CFO and Executive Vice President of GAMEVIL Inc. “Growth will com from new titles like ‘Air Penguin’ reaching #1 on the Apple’s App Store and with new sequels of ‘ZENONIA’ and ‘Baseball Superstars’ coming for both Apple and Google Android devices.”
Besides new titles optimized for overseas and domestic smartphones, GAMEVIL plans to continue expanding its reach in social networking games such as ‘Train City,’ ‘Baseball Superleague,’ ‘Chalk n’ Talk,’ as well as partnerships with external developers in various publishing projects.
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