Korean mobile publisher Gamevil announced today its fiscal earnings for the first quarter ended on March 31, 2012. Total sales for the quarter came to 16.6 billion KRW ($14.3 million / £8.9 million), showing year-over-year growth of 160 percent. Net profits totaled 5.2 billion KRW ($4.5 million / £2.8 million), a 105 percent rise over the previous year.
Gamevil has transitioned from its original paid games model over to a free-to-play games model. 91 percent of its total sales derived from in-app purchases, and 92 percent of total sales came from Android and iOS smartphone users. Overseas revenue grew 437 percent on the back of popular titles like Zenonia, Baseball Superstars 2012, Air Penguin, and Cartoon Wars.
"Publishing third party titles has allowed Gamevil to explore a wide variety of genres and has continuously contributed to the financial growth of the company." stated Yong Kuk Lee, Chief Financial Officer of Gamevil Inc. "Now that publishing titles on Apple's App Store and Google Play has been gaining momentum this past quarter, we are very pleased to see strong growth throughout global markets."
Gamevil will launch 16 titles in the second quarter, with 5 being internally-developed and 11 being third-party. The company previously set aside $10 million for their Partner Fund to encourage the publishing of third-party games. Overall, the publisher looks to publish a total of 40 titles this year.