Strong mobile releases help Gamevil to record profits in 2011

Korean mobile game publisher Gamevil has posted financial results for the full 2011 fiscal year, noting its best year ever with record revenue and profits. The company put the positive results down to its successful adaptation to the changing video games market, as it saw increased sales of games on smartphone devices. For the fiscal year ended December 31, 2011, Gamevil's smartphone releases accounted for 73 percent of overall revenue, while sales from games outside of Korea grew by 106 percent year-over-year. In particular, the company called out Zenonia 4 and Baseball Superstars 2012 as titles that sold well, whlie also highlighting games which it published during the year, such as Air Penguin and Cartoon Wars. For the 12 month period, the company recorded revenues of 42.6 billion KRW ($37.9 million), up 39 percent year-over-year, and profits of 16.1 billion KRW ($14.3 million), up 9 percent year-over-year. Looking forward to the next fiscal year, the company projected that it will see revenues increase by 58 percent to 65 billion KRW ($57.9 million).