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Nexon Q1 revenues up as Japanese market booms

Acquisition of Gloops Inc. pays off, but Nexon is struggling in North America

Nexon saw a significant increase in total Q1 revenue as its acquisition of Gloops Inc. reaped rewards in Japan.

In the quarter ended March 31, 2013, Nexon's Japanese revenue hit 9.9 billion, a year-on-year rise of 222.4 per cent. And the company's profits in the region were even more impressive, jumping 448.4 per cent to reach 1.9 billion. This huge turnaround in performance is largely due to Nexon's $470 million acquisition of the Japanese mobile developer Gloops Inc. last year.

It was also evident on the whole company's bottom line. Revenue for the quarter was 44.4 billion, up 36 per cent year-on-year, and net profit rose 19.1 per cent to reach 15.4 billion.

In Nexon's native South Korea, the ongoing strong performance of Sudden Attack and Dungeon & Fighter pushed revenue up 27 per cent to 30.7 billion, with profits up 8.7 per cent to 18 billion.

However, the company's poor performance in North America will be a concern. While the segment showed a 9.5 per cent increase in revenue to reach 1.5 billion, it actually made a bigger loss than the prior year quarter - from 145 million to 182 million.

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