Foreign exchange losses sees Gameloft's H1 2013 net income drop 60%

Gameloft (EPA:GFT) has announced its full H1 financials for the six months ending 30 June 2013.

As previously announced, consolidated sales were €109.4 million (around $142 million), up 15 percent year-on-year.

Gross profit was €90.3 million, up 11 percent year-on-year.

The company pointed that R&D, sales and marketing and administration costs all decreased as a percentage of sales during the first half of 2013.

Yet because of foreign exchange losses against the Euro - notably the Brazilian Real, Argentine Peso, Canadian Dollar and Japanese Yen - net income was €1.8 million (around $2.3 million), down 60 percent year-on-year.

On the up

Better news came as Gameloft revealed its cash position is an all-time high of €60.6 million, thanks in part to operating cash flow of €12.9 million, up 52 percent year-on-year during H1 2013.

This boosted the company's net cash position by €5.0 million over the six month period, despite the €3.8 million it spent on share buy-backs.

Gameloft also confirmed its 2013 target to reach between €235 million and €240 million in sales, as well as an increase of profitability and net cash.