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NCsoft Relases Q1 Financial Results

Posted May 15, 2008 by Keith Cross

NCsoft Relases Q1 Financial Results

NCsoft has released their financial results for the first quarter of 2008.  They report $84.3 million (US) in sales, and a net profit of  $7.7 million (US), but there was no mention of Tabula Rasa and the game's influence on these figures.

SEOUL, South Korea, May 15, 2008—NCsoft® Corporation (KSE: 036570.KS) today announced financial results for the quarter ended March 31, 2008. On a consolidated basis, sales came to KRW (Korean Won) 88.1 billion (US $84.3 million), operating income of KRW 19.7 billion (US $18.9 million), and net profit of KRW 8.1 billion (US $7.7 million). Operating profit showed significant improvements quarter over quarter (63%) and year over year (16%).

Popularity of the Lineage® series in Asia, sustained sales of Guild Wars® and City of Heroes® in North America and Europe, and a decrease in expenses such as advertising and other variable sales costs were some of the primary reasons for the increase in operating income. Of note in Q1 2008, Lineage II reached record-high sales since its 2003 release.

In Q1 2008, NCsoft decided to take a one time write-off expense for the advanced development costs associated with the Spacetime Studios project, after determining the project did not fit into the company’s core development plan. That left a net profit decrease of 22% quarter over quarter and 43% year over year. However, excluding the write-off expenses, net profit would be KRW 15.2 billion (US $14.5 million) an increase of 48% quarter over quarter and 8% from the same quarter last year.

Read more here.