Seoul: South Korean gamemaker Shift Up Corp. on Tuesday reported its net profit decreased 1.9 percent in the third quarter from a year earlier due to foreign exchange losses and an increase in a one-off cost related to an initial public offering (IPO) in July. Its net profit for the July-September period came to 23.5 billion won (US$16.7 million), compared with 23.9 billion won a year ago, the company said in a regulatory filing.
According to Yonhap News Agency, despite the slight decline in net profit, Shift Up’s operating profit increased significantly, surging 120.4 percent on-year to 35.6 billion won. The company’s sales also saw a substantial rise, jumping 52.3 percent to 58 billion won. The decrease in net profit was attributed to the losses from a weak won and the one-off costs associated with the IPO held in July. However, the popularity of its flagship games greatly contributed to the increase in sales figures.
Shift Up’s mobile game, Goddess of Victory: Nikke, posted impressive sales of 34.2 billi
on won, while its console game, Stellar Blade, generated 22.6 billion won in sales. The company continues to expand its reach, with plans to begin service of Nikke in China and release a PC version of Stellar Blade next year.
Founded in 2013, Shift Up was listed on the main Korea Composite Stock Price Index in July, marking a significant milestone in its growth trajectory.