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Gameloft sees 2011 profits up 34% to 18.2 million euros

Has 36.9 million euros in cash

Gameloft sees 2011 profits up 34% to 18.2 million euros
Mobile publisher Gameloft (GFT.PA) has broken out its profit figures for its full year 2011, the 12 months ending 31 December.

Net profit was €18.2 million (around $23.5 million), up 34 percent compared with 2010.

There were a couple of significant one-off charges and credits in this figure, however.

Gameloft took a charge of €5.3 million (around $7 million) related to console and PC social games it had previously capitalised on its balance sheet. It's now totally focused on phones, tablets and smart TV games.

It gained a tax profit of €5.7 million (around $7.5 million) due to the recognition of tax loss carry-forwards. It has €14.1 million (around $18 million) in terms of remaining unrecognised consolidated tax loss carry-forwards.

It also made a currency exchange loss of €1.1 million (around $1.4 million) due to the strength of the euro.

Cash in

As previously announced, annual consolidated sales were €164.4 million (around $213 million), up 17 percent year-on-year.

The company ended 2011 with net cash of €36.9 million (around $48 million), up €11.8 million ($15 million) during the year.

Gameloft pointed to the increasing important of smartphones and tablets to its business, with the category's share of its Q4 sales up 64 percent year-on-year to 41 percent.
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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