Netmarble posted strong first-quarter results on the back of new titles and asset sales, and signalled a rebound in the second quarter.

Netmarble said on May 7 it recorded first-quarter consolidated revenue of 651.7 billion won and operating profit of 53.1 billion won. Revenue rose 4.5 percent and operating profit increased 6.8 percent from a year earlier. Earnings before interest, taxes, depreciation and amortisation rose 2.8 percent to 83.9 billion won, while net profit surged 163 percent to 210.9 billion won.

In the first quarter, revenue and EBITDA rose slightly from a year earlier due to new releases such as "Stone Age: Grow" and "The Seven Deadly Sins: Origin". Results fell somewhat from the previous quarter as major new titles were released late in the quarter. The jump in net profit reflected gains from the sale of assets. Netmarble forecast growth would start to accelerate from the second quarter as new-title sales are fully reflected.

First-quarter overseas revenue was 512.2 billion won, accounting for 79 percent of total revenue. Revenue by region was diversified at North America 41 percent, South Korea 21 percent, Europe 13 percent, Southeast Asia 12 percent, Japan 7 percent and others 6 percent, maintaining a global portfolio.

Netmarble plans to release "Game of Thrones: Kingsroad" in Asia this month, and will introduce the MMORPG "Sol: Enchant" in June. In the second half, it plans to launch a total of five new titles: "Solo Leveling: Karma", "Shangri-La Frontier: The Seven Strongest Species", "Project Octopus", "Evilbane" and "Project Aegis".

Netmarble CEO Kim Byung-kyu (김병규) said the first quarter saw limited revenue contribution as major new releases were concentrated at the end of the quarter, but both revenue and operating profit grew from a year earlier, keeping the business fundamentals stable. He said that based on a diversified portfolio with a 79 percent share of global revenue, the company expects both topline growth and improved profitability from the second quarter as new-title sales are reflected in earnest.

He added that this year is an important period as new titles across various genres and based on global intellectual property are released in sequence. He said the company will focus its capabilities on stably rolling out new titles with market competitiveness and securing sustainable growth drivers in the global market.