Japanese social mobile gaming company GREE (TYO: 3632) has announced its FY13 financials for the 12 months ending 30 June 2013.

Net sales were ¥152 billion ($1.5 billion), down 4 percent year-on-year.

Net income was down 53 percent to ¥22.5 billion ($227 million).

This was partly down to an one-time write-off of certain titles and other assets
amounting to ¥5.7 billion ($57 million) combined with one-time impairment loss on revaluation of investments amounting to ¥2.9 billion ($2.9 million).

Tale of two locations

GREE blamed "sluggish performance" from its titles in Japan, as sales from feature phone games continue to decline.

However, it pointed to better times in the west, with overseas sales up 30 percent from Q3. In addition, excluding M&A costs, its US studio experienced positive cash flow for the first time.

The company ended the year with current assets worth ¥93 billion ($940 million).

[source: GREE IR]