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Gamevil's foreign revenue climbs 40 per cent in Q1

South Korean firm has laid the groundwork for a strong second quarter

The South Korean online firm Gamevil saw a 40 per cent increase in foreign business in the first fiscal quarter.

The company posted revenue of ₩17.3 billion for the quarter, a modest 4.8 per cent gain year-on-year. Profit growth was even more marginal, increasing just 2.5 per cent to ₩5.3 billion.

However, the company's static performance was largely due to rising costs, as it increased its global headcount and aggressively promoted its games in markets outside of its native South Korea.

In that respect, it was a productive quarter for Gamevil, with foreign business climbing an impressive 41 per cent year-on-year to reach ₩9.2 billion. This was offset by an 18.7 per cent decline in its domestic business, which generated ₩8.2 billion in sales.

And Gamevil's outlook is positive. The slip in its domestic business has been attributed to a small Q1 release slate of 4 games - a problem that won't recur in Q2, which has 22 new products scheduled for launch.

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