WeMade Entertainment turns around in Q2
[THE INVESTOR] WeMade Entertainment swung to black in the second quarter, backed by the sound growth of its new games, the company said on Aug. 8.
The Korean game developer recorded 2.8 billion won (US$2.5 million) in sales in the second quarter, up 25 percent on-year. The operating profit and net income stood at 83 million won and 1.46 billion won, respectively, in the April-July period, turning around from an operating loss of 2.8 billion won a year earlier when the company was hit by a legal battle with a Chinese company over an intellectual property issue regarding WeMade’s hit “Legend of Mir 2.”
“Sales growth was backed by the release of new games ‘FishingStrike’ developed by our affiliate WeMade Plus and ‘Wind Runner Z’ by JoyMax. It was also boosted by updates of existing online games,” a company official said.
WeMade Entertainment headquarters in Seoul
The company said it plans to maintain the positive momentum with newly released game “Icarus M” and utilization of the intellectual property of “Legend of Mir 2,” the official noted.
“Legend of Mir 2” took up 56 percent of the company’s sales in the second quarter.
“We’ve already signed five IP contracts with Chinese companies and there will be more in the second half of the year. We expect about more than 10 contracts this year,” CEO Chang Hyun-Guk said during a conference call on Aug. 8.
By Park Ga-young (firstname.lastname@example.org)