South Korean gaming firm Gravity has announced its financial results for the first quarter of this year, including an 80.6 per cent increase in mobile games revenue year-on-year.

The company generated just over 1.4 billion Korean Won of mobile games revenues during the quarter – about $1.36 million – up from 787 million Korean Won in the first quarter of 2007.

The company is best known for its PC-based MMORPG Ragnarok Online.

However, Gravity has also released a series of spin-off mobile games – eight 2D Ragnarok titles and two 3D games, according to its website.

Mobile is still a relatively small percentage of its overall business though, generating 11.4 per cent of Gravity's revenues compared to royalty and licensing fees (55%) and subscriptions (22.8%), with the remainder being made up of character merchandising, animation and other revenues.

However, mobile's importance is increasing – it accounted for 7.5 per cent of the company's business this time last year – showing the increasing trend for online gaming firms to see mobile as a new revenue stream.