Thanks to Air Penguin, Zenonia and Baseball Superstars, Gamevil posts record FY11 sales of $36.7 million, up 39%

South Korean publisher Gamevil (KDQ:063080) has announced its FY11 figures for the 12 months ending 31 December.

Annual sales were 42.6 billion KRW (around $36.7 million), up 39 percent year-on-year.

Net income was 16.1 billion KRW, (around $14 million), up 9 percent.

The company said these best-ever figures demonstrated its successful strategy of targeting the global, smartphone market.

It accounted for 73 percent of revenues.

Sales outside of Korea grew by 106 percent, with internally developed games such as Zenonia 4 and Baseball Superstars 2012 highlighted. 36.7

During 2011, Gamevil also announced its $10 million developer fund, with titles published from third parties studios such as Air Penguin (Enterfly) and Cartoon Wars (BLUE) topping sales charts.

"Having bested our records again, year-over-year, is especially meaningful as we face changing trends in the market," said Yong Kuk Lee, Gamevil's CFO.

"As smartphone adoption continues to grow worldwide, Gamevil will continue to bring entertaining, innovative and more social game experiences to our audience."

During Q4, Gamevil had sales of 16.5 billion KRW (around $14 million), up 65 percent.

Net income of 5.8 billion KRW (around $5 million), up 44 percent.

With 40 games planned for release in 2012, the company projects a 58 percent increase in 2012 sales to around $56 million (65 billion KRW)

[source: Gamevil]