Kakao Games Q3 top and bottom line at record-high on success of "Odin"

South Korea’s Kakao Games Corp. reported record-high earnings for the third quarter owing to the smash hit of its first in-house label “Odin: Valhalla Rising” that bolstered top and bottom line.

The game unit under the country’s chat platform giant Kakao Corp. that went public in September last year in a regulatory filing on Wednesday reported consolidated operating profit at 42.7 billion won ($36.13 million) in July-September period, surging 427.5 percent from three months ago and 101.3 percent from a year earlier. The figure fell short of the market consensus of 50.1 billion won in income compiled by Yonhap Infomax by 14.7 percent.

Revenue reached 466.2 billion won, jumping 260 percent on quarter and 209.7 percent on year. Net profit registered a staggering 11,340.7 percent on-quarter growth and 64.44 percent on-year rise to 44.3 billion won.

[Source: Kakao Games Corp.]

Kakao Games reported all-time highs for both operating income and revenue as the sales of its mega-hit blockbuster massive multiplayer online role-playing game (MMORPG) “Odin” released in June had been reflected in the third quarter statement, the company explained.

The company’s mobile game division reaped 410.5 billion won in sales, expanding 358.7 percent from a year ago on the back of success of “Odin” and other mobile titles like “Friends Shot” and “World Flipper.”

Its online PC game segment raised 17.9 billion won, off 59.1 percent on year due to delayed release of new titles.

Kakao Games has a packed pipeline of new games for the coming months. The company is set to introduce “Uma Musume: Pretty Derby” in Korea next year and is set to release new games “Goddess Order,” “Eversoul,” and “Dysterra.”

Kakao Games shares finished Wednesday up 3.01 percent at 89,000 won.

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