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SEOUL, Aug. 8 (Yonhap) -- Netmarble Corp., a major South Korean game developer, on Thursday reported it shifted to net profit in the second quarter from a loss a year earlier thanks to the stellar performance of its webtoon-based new game title, Solo Leveling: ARISE.
The company posted a net profit of 162.3 billion won (US$117.9 million), swinging from a loss of 44.1 billion won a year earlier, according to its regulatory filing.
Operating profit for the April-June period was 111.2 billion, compared with a loss of 37.2 billion won a year ago, and sales rose 29.6 percent to 782.1 billion won.
The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 88.9 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
The company attributed the improved performance to the global popularity of Solo Leveling: ARISE, a game based on a South Korean webtoon, which accounted for 20 percent of its total second-quarter sales.
By region, North America took up 40 percent of total sales, followed by South Korea at 24 percent, Europe at 13 percent, Southeast Asia at 10 percent and Japan at 6 percent.
Nexon said it plans to release four new titles in the second half, including role-playing games "The Seven Deadly Sins: IDLE Adventure," "Demis Re:born" and "King Arthur: Legends Rise."
Corporate logo image of Netmarble Corp. provided by the company (PHOTO NOT FOR SALE) (Yonhap)
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