Gamevil revenues up to $9m in second quarter of 2011

South Korean mobile games publisher hails transition to smartphones as fuelling its growth.

Gamevil generated revenues of KRW 9.8 billion (around $9m) in the second quarter of 2011, posting a net profit of KRW 3.8 billion (around $3.5m).

The mobile games publisher says its consolidated overseas revenue was up by 34% year-on-year, while its smartphone revenues leaped by 259% to KRW 6.1 billion (around $5.6m) - 62% of the company's overall sales.

"The second quarter result shows that Gamevil has successfully transformed to a publisher for smartphones, which are the driving force of the mobile landscape," says CFO and EVP Yong Kuk Lee. "We will continue to meet the challenges of this evolving market head-on, with new quality titles and more partnerships across diverse platforms including Apple App Store and Google Android Market."

Gamevil had a big hit with iPhone game Air Penguin, while its existing franchises Baseball Superstars and Zenonia have continued to bring in the revenues on several platforms.

The publisher is hoping for more growth from its $10 million investment fund for external developers. This has already funded games including Kami Retro, Chalk'n'Talk, Train City and Air Penguin, with more to come in the months ahead.