Zenonia Publisher Gamevil Reports Huge Rise In Smartphone Revenues

Seoul, South Korea-based mobile game publisher Gamevil has reported increased revenues for the first quarter ended March 31. The company posted profits of 2.5 billion KRW ($2.3 million) for the first quarter, with an operating profit ratio of more than 40 percent. Gamevil also reported 6.4 billion KRW ($5.9 million) in revenues for the quarter, a 37 percent year-over-year. Games for smartphone platforms in particular saw a huge rise in revenue, up by 211 percent over the same quarter in the previous year. Gamevil said that its second quarter will be even stronger, with nine new app releases planned for the App Store and the Android Market. The company is also looking to expand its reach to social games, along with more developer partnerships. Yong Kuk Lee, CFO at Gamevil, said, "We expect even more growth coming from smartphones and overseas in the 2nd quarter. Growth will come from new titles like Air Penguin reaching #1 on the Apple's App Store, and with new sequels of Zenonia and Baseball Superstars coming for both Apple and Google Android devices." The company published 11 games in 2010, and said recently that it plans to more than double that amount this year. Gamevil has locations in South Korea and Los Angeles.