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WeMade sees FY13 mobile revenue jump 1037% to $132 million

WeMade sees FY13 mobile revenue jump 1037% to $132 million

Korean online and mobile publisher WeMade (KOSDAQ:112040) has announced its FY2013 financials, the 12 months ending 31 December 2013.

Mobile revenue was $132 million (KRW 140 billion), up from $12 million 12 months ago.

That's an impressive rise of 1,037 percent.

Mobile games generated 62 percent of WeMade's total sales, the remainder being from its online titles such as Legend of Mir2.

Net income for the year was $11.5 million (KRW 12.3 billion), compared to a loss in FY2012.

Running for success

The key performer for WeMade was casual title Wind Runner, which has proved to be very popular in Korea, thanks to its release on the Kakao social network.

WeMade did warn investors that Wind Runner's sales are now in decline. The company's mobile revenue dropped 18 percent between Q4 and Q3 for this reason.

However, during 2013, WeMade released 20 titles, including Everytown, Atlan Story and Dog Fight.

Exporting strength

Outside of Korea, WeMade had steady sales in Japan thanks to a version of Wind Runner for the LINE social network. Similarly, its revenue dropped 32 percent quarter-on-quarter.

However, WeMade will be releasing more LINE titles with Iron Slam and Hero Square due during the first half of 2014.

It's also completed a closed beta test in China for Moon Wolf.

Overall, WeMade generated 15 percent of its mobile revenues outside of Korea.

WeMade ended the period with cash and equivalents worth $202 million.

[source: WeMade IR]

Contributing Editor

A Pocket Gamer co-founder, Jon is Contributing Editor at PG.biz which means he acts like a slightly confused uncle who's forgotten where he's left his glasses. As well as letters and cameras, he likes imaginary numbers and legumes.

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