Gamevil makes over $10 million in net income

S. Korean mobile studio breaks sales record

South Korea-based Gamevil has said it is the first mobile game studio in the country to make over ₩10 billion in net income.

The company, which floated on the Korea Exchange market back in July last year, said its net income had jumped 124 per cent in 2009 as annual sales hit an all-time high.

“The Korean mobile gaming market is one of the most advanced markets in the world, driven by original titles suited for the mobile devices and by new business models such as microtransactions and network games,” said the group’s CEO Byung Joon Song.

Net income came in at ₩11.8 billion ($10m) for the year, with sales driven by the likes of Baseball Superstars and Zenonia. The group, whichhas offices in Los Angelesand Seoul, is also experimenting with in-game app monetization models.

“We are happy to announce that our sales increased significantly in 2009 after our best year in 2008. And we’re especially proud of the high profit level we were able to achieve, even on a global standard,” said Gamevil CFO Yong Kuk Lee.

“Through the adoption of smartphones and increased usage of mobile internet, we are confident that the mobile gaming industry will continue to thrive in 2010,” he added.

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