Gamevil's FY2010 Q1 net profits hit $3 million, up 99%

South Korean publisher Gamevil (KDQ:063080) has posted net profits of 3.37 billion Won ($3.0 million) in the first three months of 2010, up 99 percent compared to the previous year.

Sales rose by 52 percent year-on-year, hitting 6.30 billion Won ($5.6 million) across the quarter.

The results represent what Gamevil states is the most successful first financial quarter in the company's history.

Operating profit percentage was 56 percent and net profit percentage was 54 percent; the latter also being the highest ever for the firm.

Gamevil had sales of $21 million and net income of $10.2 million during 2009.

Overseas aid

Gamevil says sales in the first quarter were driven by success such as Baseball Superstars and ZENONIA, with the company's profitability according to in-house stats among the highest within the mobile games industry.

The firm also cites growth on the App Store and Android Market as aiding sales overseas consolidated revenue in overseas markets is up 53.7 percent year on year - while Soccer Superstars enjoyed strong sales in the Korean market.

"We're proud to announce another extremely profitable quarter," says company CFO Yong Kuk Lee.

"Opportunity for growth in the global market through open markets such as Apple's App Store has been a big momentum. We will continue promptly adapt to the rising base of advanced mobile platforms and deliveries through digital distribution."

[source: Gamevil]