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Sluggish performance from GREE sees FY13 sales down 4% to $1.5 billion

Sluggish performance from GREE sees FY13 sales down 4% to $1.5 billion

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]


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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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