Nexon Posts Record Q1 Profit on Strong Overseas Sales

SEOUL, May 14 (Yonhap) -- South Korea's leading online gaming firm Nexon Co. said Thursday its first-quarter net profit rose 40 percent from a year earlier to a record high, driven by strong overseas sales of its newly launched game titles. Net profit for the January-March period totaled 542.6 billion won (US$364.5 million), the Japan-listed gaming company said in a release. Operating profit surged 118 percent on-year to 533.8 billion won, while sales went up 34 percent on-year to 1.42 trillion won. Nexon said it posted record quarterly earnings on robust growth in major overseas markets, including North America, Europe and Southeast Asia, led by its MapleStory franchise and ARC Raiders. Sales of the MapleStory franchise grew 42 percent from a year earlier in the cited period, supported by the global launches of Maple Idle and MapleStory Worlds last year. Sales in North America and Europe nearly quadrupled in the first quarter, while revenue in other regions, including Southeast Asia, more than doubled, the company said. "We will secure mid- to long-term growth momentum by strengthening strategic partnerships and building a solid lineup of new titles, while enhancing profitability and global competitiveness through the innovation initiatives introduced during our capital market briefing," Nexon Chief Executive Officer (CEO) Lee Jeong-heon said.