Nexon appoints new CEO as 2013 revenue shows growth

Korea-based free-to-play publisher Nexon has reported fourth quarter and full year financial results for its 2013 fiscal year, revealing a growth in revenue during both periods.

Total revenue for 2013 went up 43 per cent to 155.3bn yen, while operating income was up 7 per cent to 50.7bn yen. Net income came in 30.1bn – also a 7 per cent increase from 2012.

During the past quarter ending on December 31st, the company brought in 34.47bn yen in revenue, a 12 per cent increase of Q4 2012.

That number breaks down further to show a 17 per cent jump in PC games revenue, as well as a 5 per cent decline in revenue from mobile titles. The performance was driven by a 65 per cent jump in revenue from Korea, including "continued strong performance" from FIFA Online 3.

Despite the positive revenue results for the quarter, the company still absorbed a net loss of 4.44bn yen – due to operating income for the quarter dropping 96 per cent year-over-year. The publisher attributes the plunge to an impairment loss” of 9.5bn yen from its Ndoors Corp subsidiary.

Along with the report, Nexon also announced Owen Mahoney is taking over for Seungwoo Choi as president and CEO. Choi has chosen to retire and take the title of honorary chairman.

"I am delighted and honored to have the opportunity to lead this outstanding company," said Mahoney.

"We will continue to build on our success by focusing even more sharply on a smaller number of high-quality titles and development efforts; attracting and supporting leading industry talent; and leveraging our accumulated expertise and track record of successful partnerships with leading talent around the world looking to transition to free-to-play."

Company officials note that the Nexon is "still underperforming in Japan and the West," and they believe Mahoney can improve performances in those markets.

Mahoney had served as Nexon’s chief financial officer and chief administrative officer since he started with the company in 2010. Prior to joining Nexon, Mahoney spent seven years working as senior vice president of corporate development at EA.