SEOUL– NCSOFT Corp., a major South Korean online and mobile game developer, said Wednesday its 2022 net profit rose 14.4 percent from a year earlier on steady sales of popular mobile games and decreased marketing costs.
The company logged a net profit of 452.6 billion won (US$359.2 million) on a consolidated basis last year, compared with 396.9 billion won a year earlier, the company said in a regulatory filing.
Its operating profit soared 49 percent to 559 billion won from an operating income of 375.2 billion won a year ago. Annual sales reached 2.57 trillion won, up 11.4 percent from a year ago.
NCSOFT said last year’s strong bottom line was led by steady demand for its mobile games and a decrease in marketing expenses.
For the fourth quarter, the game developer reported a net loss of 16.5 billion won, shifting from a profit of 121.7 billion won a year earlier.
Its operating profit for the October-December period fell 56.7 percent on-year to 47.4 billion won, while revenue decreased 27.6 percent to 547.9 billion won.
Shares of NCSOFT expanded 1.61 percent to close at 474,500 won on the main Seoul bourse, outperforming the broader KOSPI’s 1.3 percent gain. The earnings report was released after the market closed.
Source: Yonhap News Agency