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Gamevil: Smartphones account for 62% of revenue

By Rachel Weber

Tue 09 Aug 2011 9:10am GMT / 5:10am EDT / 2:10am PDT

Mobile publisher announces $9 million in sales for Q2, $3.5 million in net profit

Korean mobile publishers Gamevil has reported a 259 per cent growth in smartphone sales in Q2 of 2011, making the devices 62 per cent of quaterly revenue.

It also shows a 34 per cent year on year increase for the period and a revenue of 9.8 billion KRW ($9 million / 5.5 million).

Operating profit was 4.1 billion KRW, ($3.8 million / 2.3 million) with a net profit for the quarter of 3.8 billion KRW ($3.5 million / 2.1 million).

"The second quarter result shows that Gamevil has successfully transformed to a publisher for smartphones, which are the driving force of the mobile landscape," commented CFO and executive VP Yong Kuk Lee.

"We will continue to meet the challenges of this evolving market head-on, with new quality titles and more partnerships across diverse platforms including Apple App Store and Google Android Market."

At over 41 per cent, Gamevil still maintains the highest percentage of operating profit ratio in the Korean mobile market.

In June the company announced plans to invest $10 million in external developers.

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