Netmarble said that such new games as “Stone Age: Idle Adventure” and “The Seven Deadly Sins: Origin” boosted its results for the January-March period. Image courtesy of Netmarble
SEOUL, May 7 (UPI) — South Korean game publisher Netmarble said Thursday that sales and profitability improved during the first three months of this year, driven by the solid performance of new titles.
The Seoul-based company noted that its first-quarter sales amounted to $450 million, up 4.5% from a year earlier, for an operating profit of $37 million, up 6.8%. Its net profit soared 163% to $146 million thanks to gains related to asset disposals.
Netmarble said that such new games as “Stone Age: Idle Adventure” and “The Seven Deadly Sins: Origin” boosted its results for the January-March period.
It said that international markets generated 79% of total revenue. North America accounted for the biggest share at 41%, followed by South Korea with 21%, Europe with 13%, and Southeast Asia with 12%.
The company expected stronger revenue momentum from the second quarter as newly published titles are set to contribute to earnings throughout the entire quarter.
“The release of our major games was concentrated toward the end of the first quarter, limiting their contribution to sales. But our business fundamentals remained stable as shown by the growth of both revenue and operating profit,” Netmarble CEO Kim Byung-gyu said in a statement.
“Based on our diversified portfolio, we expect to see both top-line growth and improved profitability starting in the second quarter as revenue from new titles begins to be reflected in earnest,” he added.
The share price of Netmarble declined 2.79% on the Seoul bourse Thursday.