International sales up 41% as Gamevil sees FY13 Q1 revenues rise to $15.5 million

Expects to do even better in Q2

International sales up 41% as Gamevil sees FY13 Q1 revenues rise to $15.5 million
Korean mobile games publisher Gamevil (KDQ:063080) has announced its financials for the three months ending 31 March 2013.

Sales were $15.5 million (17.3 billion KRW), up 4.8 percent year-on-year.

Net profit was $4.7 million (5.3 billion KRW) up 2.6 percent.

Interestingly, the company admitted its operating profit had fallen 21 percent due to "active investments into R&D", and in general Q1 domestic sales were strongly down on compared to the previous Holiday quarter.    

Rocking all over the world

Despite the strength of the Korean market - thanks to Google Play and the Kakao Games platform - Gamevil also posted its best international performance to-date.

Overseas sales were $8.2 million (9.2 billion KRW), up 41 percent year-on-year.

It pointed to the success of games such as Monster Warlord, Fishing Superstars and the Zenonia RPG series, and said it would be releasing more titles in Q2 than Q1.

2013 looking good

Recent releases such as Dark Avenger and Kingdom & Dragons are already doing well, with Gamevil expecting big things during Q2.

"We're continuing to improve our reach with aggressive investments aligned towards growth in the global market," commented CFO Yong Kuk Lee.

"We have high expectations for the second quarter with 20+ new titles and plan to build on the overseas success reflected in the first quarter."

[source: Gamevil IR]
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