Gamevil’s Smartphone Revenue Rises Sixfold Year-Over-Year to $7.1M in Third Quarter

GamevilSouth Korea’s Gamevil, the company behind the RPG Zenonia and Air Penguin, said it earned 7.9 billion Korean won ($7.1 million) off its smartphone titles in the third quarter, up 497 percent from the year before.

In-app purchases of virtual goods and virtual currency also came in at 7.9 billion Korean won ($7.1 million) from all of its games, up 159 percent from the same time a year ago. Overall, the company brought in 4.01 billion Korean won ($3.6 million) in net income on 10 billion won ($8.9 million) in revenue in the third quarter.

Its operating income of 4.49 billion won ($4.0 million) gives the company a 45 percent operating margin. Gamevil said its growth was buoyed by its RPG franchise ZENONIA and its sports brand Baseball Superstars. At the same time, the company has focused on building out relationships with smaller third-party studios with a $10 million game development fund.

“GAMEVIL will continue to build upon this momentum to capture the ever-growing global smartphone audience,” said Yong Kuk Lee, the company’s chief financial officer, in a statement. “Going forward, we are confident that maturing freemium models, the Games category opening on the Korean application stores will all make significant contributions.”

The performance of Gamevil’s shares has stood out relative to other companies in the space like France’s Gameloft and the U.S.’s Glu Mobile with one-year gains of 137.9 percent. Gamevil shares rose 5.3 percent today in South Korea to 75,300 Korean won ($67.36), giving it a market capitalization of $373.3 million.