Gangnam style: Gamevil booms with 2012 revenue up 64% to $66 million

And it expects to hit $94M in 2013

Korean mobile games publisher Gamevil (KDQ:063080) has announced its financials for the 12 months ending 31 December 2012.

Full year sales were 70.2 billion KRW ($66 million), up 64 percent year-on-year, thanks to the strong performance of the domestic Korean market, which was driven by Google Play, carrier app store and the mobile social network KakaoTalk.

Net income was 22.4 billion KRW ($21 million), up 39 percent.

Big quarter

Looking at its Q4 figures, sales were a record 21.9 billion KRW ($20.6 million), up 32 percent year-on-year.

Net income was 6.5 billion KRW ($6.1 million), up 12 percent .



Gamevil pointed to its ability to expand from key RPG, strategy and action genres, with games such as Fishing Superstars and Punch Hero performing well in the sports genre.

Gamevil's third party publishing division also boomed in 2012, generating 31 billion KRW ($29 million), up 211 percent year-on-year.

During the year, Gamevil released 11 internally-developed games, and 32 third party games, boosting its historic download total to over 220 million.

Looking good

Looking forward to 2013, Gamevil expects to release at least 50 titles, predicting sales of 100 billion KRW ($94 million), up 42 percent compared to 2012. It expect to grow international sales by 79 percent.

Net income is predicted to be 26.7 billion KRW ($25 million), up 19 percent on 2012's figures.

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