Gamevil posts record financials for 2010

Korean mobile developer Gamevil has posted record figures for its 2010 financial report, recording profits of ₩14.8 billion (£8.25m) for the year - an increase of 25 per cent from 2009's ₩11.8 billion (£6.6m).

Sales and operating income also hit record levels, with sales totalling ₩28.5 billion (£15.9m), up 17 per cent from ₩24.4 billion (£13.6m) in 2009. Operating income rose 14 per cent year on year to ₩15.5 billion (£8.6m).

The results make Gamevil the most profitable company in the Korean mobile market. Having released 11 games in the last year, the company hopes to double that figure over the next 12 months.

Gamevil has previously operated predominantly in Korea, but 2010 saw it expand to global smartphone markets such as Apple's App Store and the Android Market, taking franchises such as Baseball Superstars to a wider audience. In 2010, virtual goods accounted for 47 per cent of the company's sales.

"Many changes are expected in devices, networks and business models in 2011. By facing them head on, we strive to grow in both scope and revenue as a global mobile gaming company," said Yong Kuk Lee, CFO. "It's been a decade of great positives for Gamevil, and we anticipate on succeeding in both mobile and social landscapes."