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Gamevil post record annual sales of $21 million, up 59%

And record profit margin of 48 percent

Gamevil post record annual sales of $21 million, up 59%
Korean publisher Gamevil (KDQ:063080) has announced record financial figures for 2009.

Total sales were 24.4 billion Won ($21 million), up 59 percent compared to 2008.

Net income was 11.8 billion Won ($10.2 million): Gamevil says this is the first time a Korean mobile games company has passed 10 billion Won.

Operating profit percentage was 56 percent and net profit percentage was 48 percent, both of which are the highest in Gamevil's corporate history.

Lots of small charges

Sales were driven by games such as Baseball Superstars, the RPG franchise Zenonia and action RGP Hybrid: Eternal Whisper, all of which have been released on mobile and iPhone.

In Korea, the majority of revenue is collected through the micro-transaction sale of virtual items, although Gamevil's yet to employ this business model with its iPhone games.

"The Korean mobile gaming market is one of the most advanced in the world, driven by original titles and new business models such as micro-transactions and network games," said Byung Joon Song, Gamevil CEO.

"We'll do our best to continuously grow now as a global mobile gaming company by developing games optimised for the mobile platform, adopting to new platforms, and leveraging our experience and knowledge that we've accumulated throughout the past decade."

"We're especially proud of the high profit level we were able to achieve," added chief financial officer Yong Kuk Lee.

[source: Gamevil]

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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