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Gamevil reports record profits and reveues for 2011

By Matthew Handrahan

Thu 16 Feb 2012 4:27pm GMT / 11:27am EST / 8:27am PST

South Korean publisher doubles overseas revenues

The South Korean mobile publisher Gamevil has reported record revenues and net profits for 2011.

The company posted revenues of 42.6 billion KRW (23.9 million / $37.6 million), up 39 percent from last year's figures. Net profits hit 16.1 billion KRW (9 million / $14.2 million), an increase of 9 per cent.

Smartphone products continued to generate strong revenue for the company, accounting for 73 per cent of its total annual sales. Business generated outside of Korea was also on the rise, up 106 per cent from 2010.

"Having bested our records again, year-over-year, is especially meaningful as we face changing trends in the market," said CFO Yong Kuk Lee in a statement.

"As smartphone adoption continues to grow worldwide, Gamevil will continue to bring entertaining, innovative and more social game experiences to our audience."

The fourth quarter was also the company's strongest quarter ever, with revenues of 16.5 billion KRW (9.2 million / $14.6 million) and net profits of 5.8 billion KRW (3.26 million / $5.1 million).

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