GRAVITY Q1 Profit Down, Revenues Rise

(RTTNews) - GRAVITY Co., Ltd. (GRVY), a South Korean developer and publisher of online and mobile games, reported Friday lower first quarter profit, despite growth in revenues. The company also announced business updates.

In the first quarter, net profit attributable to owners of the parent company dropped to $14.95 million from last year's $18.22 million. Earnings per ADS were $2.15, lower than $2.62 a year ago.

Profit before tax fell to $19.30 million from prior year's $22.04 million.

In Korean won, net profit decreased 18% and profit before income tax fell 12.5%.

In the quarter, total net revenue, however, grew to $93.23 million from last year's $81.24 million.

Total revenues in Korean won grew 14.8 percent year-over-year and 6 percent sequentially.

Online game revenues for the first quarter grew 4.1% and mobile game revenues increased 17.2%.

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