Webzen is seeking to rebound in earnings with multiple new titles, building on overseas revenue that accounts for more than half of its sales.

Webzen said on Monday first-quarter consolidated revenue fell 5.2 percent from a year earlier to 39.3 billion won. Operating profit fell 39.6 percent to 5.3 billion won. Net profit surged 596.2 percent to 8.8 billion won due to a base effect from weak performance in the first quarter of last year. Versus the previous quarter, operating revenue and operating profit fell 21.2 percent and 23.4 percent, respectively, while net profit rose 30.4 percent.

The main cause of the weak results was a sharp contraction in the domestic game market. Overseas revenue, by contrast, held firm and continued to serve as a cash cow. Webzen's overseas revenue share was 51 percent in the first quarter, surpassing domestic revenue for the first time.

Webzen is continuing to seek opportunities in overseas markets while focusing on investment in new game development and pursuing genre diversification. Terbis, a 2D animation-style collectible RPG it is developing in-house, is raising market awareness by being exhibited at game shows in Korea and abroad, including Comic Market.

ProjectD1, a new title based on the intellectual property of a popular webtoon, is also drawing attention by reinterpreting exploration, city management and defense structures with dot-based 2.5D visual art. Its specialist development subsidiaries are also developing multiple upcoming titles, including new MU IP titles based on Unreal Engine 5, while continuing investment in the core massively multiplayer online role-playing game market.

Webzen CEO Tae-young Kim (김태영) said the company is continuing internal and external investment in new game development and working for growth even amid uncertain market conditions. He added that, based on solid finances, it will spare no effort to recover market share and enhance shareholder value.