GAMEVIL’s First Quarter Net Profits Increase 99%

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GAMEVIL (KOSDAQ: 063080) achieved net income of 3.37 billion KRW during the first quarter of 2010, which is up 99% compared to the previous year. Revenues were 6.30 billion KRW,  which is a 52% increase year on year, recording the best first quarter. Operating profit percentage and net profit percentage was 56% and 54% accordingly, where net profit percentage was highest of all quarters in corporate history. 

In billion KRW                                              2009 1Q      2010 1Q      Variation
Sales                                                  4.14          6.30              52%
Operating Income                                       1.82                3.54              94% 
Net Income                                               1.69             3.37           99%
The company continues to increase in profitability which is among the highest within the mobile gaming industry. 1st quarter sales were led by success of franchises such as Baseball Superstars and ZENONIA, and by new titles such as Soccer Superstars in the Korean market,  along with growth in Smartphone markets such as Apple’s App Store and Google’s Android Market overseas. GAMEVIL’s  consolidated overseas revenue has increased 53.7% compared to the first quarter of 2009, and 12.5% compared to the fourth quarter of 2009, despite the fact that there was no major title launch in the first quarter of 2010.
With 11.8 billion KRW net income last year, GAMEVIL’s profits have been up continuously due to success of hit franchises, unit price increase, virtual goods sales, and expansion to multi-platforms. 
"We’re proud to announce another extremely profitable quarter." said Yong Kuk Lee, Chief Financial Officer. "Opportunity for growth in the global market through open markets such as Apple’s App Store has been a big momentum. We will continue promptly adapt to the rising base of advanced mobile platforms and deliveries through digital distribution."
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