South Korea's Gamevil Continues Revenue Growth Off Smartphone Success

South Korean mobile game publisher Gamevil (Zenonia, Baseball Superstars) has reported another quarter of growth, with increased smartphone revenues continuing to drive its business. Overall revenue for its second fiscal quarter was reported at KRW9.8 billion (South Korean Won), or around $9 million, up 34 percent from the same period one year ago. Of that total, KRW6.1 billion ($5.6 million), around 62 percent, was generated from the company's expanding smartphone business, which was up 259 percent from last year. Net profit for the quarter was KRW3.8 billion KRW ($3.5 million), maintaining what the company claims is "the highest percentage of operating profit ratio in the Korean mobile gaming industry," at just over 41 percent. In fact, that ratio is on the rise as well: it is slightly higher than the 40 percent achieved last quarter. The company attributes its success to its continued focus on smartphone titles, as well as its focus on free-to-play games. Its iOS title Air Penguin hit the top spot on Apple's App Store in several countries including the United States. "The second quarter result shows that Gamevil has successfully transformed to a publisher for smartphones, which are the driving force of the mobile landscape," said CEO and executive VP Yong Kuk Lee. The company recently announced a $10 million investment in partnerships with external developers, starting with the acquisition of the popular Cartoon Wars series.