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Gamevil overseas sales up 37%

Developer maintains Q1 lead in Korean market as smartphone revenues rise

Korean mobile developer Gamevil has announced net profits of ₩2.5 billion ($2.3m/€1.6m) for the first quarter, on revenues of ₩6.4 billion ($5.9m/€4.1m).

Operating profit stood at ₩2.7 billion ($2.5/€1.7m), maintaining the highest percentage of operating profit ratio in the Korean industry at more than 40 per cent.

Expenses increased though due to new hires and investments and a smaller number of new titles released.

Overseas revenues rose by 37 per cent compared to the same period last year, with smartphone revenues alone rising by 211 per cent.

The company is predicting an even stronger second quarter, with nine new titles for global app stores including Apple's App Store and Google's Android Market.

"We expect even more growth coming from smartphones and overseas in the second quarter," said CFO and executive vice president Yong Kuk Lee.

"Growth will come from new titles like Air Penguin reaching number one on Apple's App Store and with new sequels of Zenonia and Baseball Superstars coming for both Apple and Google Android devices."