29% year-on-year profit boost for GAMEVIL
Korean mobile dev earns $5.7m for 2010 to date, as overseas revenue jumps 100% in a quarter
South Korean mobile developer GAMEVIL has posted figures for its second quarter, with its continued expansion in the West contributing to a major boost in profits.
Net income jumped 29.3 per cent from the same time last year, with the company's 3.40 billion KRW ($2.9 million) Q2 earnings constituting a net profit percentage of 50.6 per cent.
For the first half of 2010, GAMEVIL accrued $6.77 billion KRW (5.7 million) - a year on year profit increase of 29.3 per cent. According to GAMEVIL, this makes it the number one mobile studio in Korea.
The studio attributed its success both to new titles in existing Korean franchises and to take-up of Soccer Superstars on App Store and Baseball Superstars 2010 on Android Market in the West.
"We're extremely happy with our continuous growth with high margins," said CFO Yong Kuk Lee. "International sales have been strong through distribution of Apple's App Store and Google's Android Market, while we maintain the leading position in the domestic market."
The Seoul-based developer's overseas revenue was up 52 per cent from the same period in 2009, and 100 per cent from its first financial quarter in 2010.