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August 05, 2003 11:46 am ET - research by NC - Korea
8/4 - NCsoft Announces First Half Financial Results |
SEOUL, South Korea, July 30, 2003—Today NCsoft Corporation, the world's largest developer and publisher of online computer games announced 2003 first half sales of KRW (Korean Won) 74 billion (US$61 million) and operating profit of KRW 29.8 billion (US$25 million). Recurring profit stood at KRW 18.7 billion (US$15 million). As for the second quarter, NCsoft recorded sales of KRW 36.6 billion (US$30 million), down two percent from the first-quarter sales. Its operating profit and recurring profit in the second quarter were KRW 11.7 billion (US$10 million) and 7 billion (US$6 million) respectively.
Despite the emergence of various free online games, NCsoft posted sales of KRW 74 billion thanks to continued increase in the number of people in Korea playing NCsoft's flagship product, Lineage, and expanded overseas sales. Profit from overseas royalties during the first half of 2003 jumped 42 percent to KRW 13.7 billion (US$11 million) from KRW 9.7 billion (US$7 million) in the same period last year.
In Taiwan, Lineage is expected to mark continued growth with the update of its twelfth episode Aden and the addition of a new server. In Japan, where broadband networks are gaining in popularity, Lineage is growing rapidly. Japan showed the largest growth for NCsoft's overseas markets as sales soared in the Internet cafes and with the update of new episode Aden.
The company lowered its annual sales expectation from KRW 180 billion (US$149 million) to KRW 157 billion (US$130 million) and operating profit expectation from KRW 83.8 billion (US$70 million) to KRW 62 billion (US$51 million) mainly due to delayed launching of its Shining Lore title and dwindling sales growth in China.
Chief Financial Officer Hong Heo said, "Operating expenses grew because of expenditure for this year's Electronic Entertainment Expo, compensation expenses associated with stock options and newly purchased servers for the Lineage II open beta service. However, we expect a sharp increase in sales next year following stable revenues in the 2nd half of this year as we are planning an update of the original Lineage and the official launch of Lineage II in Korea followed by other territories."
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August 05, 2003 11:49 am ET (#1)
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