Gamevil profits pass $10 million mark
Full year revenues increase 59% in bumper year for mobile developer
Gamevil has announced full year net income of KRW 11.8 billion (USD 10.2 million), becoming the first Korean mobile game developer to surpass USD 10 million in profits.
Annual sales also reach a personal best for the company, increasing by 59 per cent to KRW 24.4 billion (USD 21.0 million). Net income results represented a 124 per cent increase on 2008's figures.
Sales were driven by titles including Baseball Superstars, Zenonia and Hybrid: Eternal Whisper. Established in 2000, the company now also has offices in Los Angeles where it publishes both its own games and other third party titles.
"We are happy to announce that our sales increased significantly in 2009 after our best year in 2008. And we're especially proud of the high profit level we were able to achieve, even on a global standard," said CFO Yong Kuk Lee.
"Through the adoption of smartphones and increased usage of mobile internet, we are confident that the mobile gaming industry will continue to thrive in 2010," he added.
"The Korean mobile gaming market is one of the most advanced markets in the world, driven by original titles suited for the mobile devices and by new business models such as microtransactions and network games.", said CEO Byung Joon Song.
"We'll do our best to continuously grow now as a global mobile gaming company by developing games optimised for the mobile platform, adopting to new platforms, and leveraging our experience and knowledge that we've accumulated throughout the past decade."