Com2uS 2023 1Q Financial Results

Key insights

6 takeaways

01
Com2uS reported record-breaking Q1 sales of KRW 192.7 billion, up 44.5% year on year.See it on page 3
02
Operating profit was a loss of KRW 14.8 billion, with the YoY decrease attributed by the company to marketing costs for the global release of Chronicles.See it on page 3
03
Net profit was KRW 40.6 billion, with the QoQ and YoY increase attributed by the company to gains on investment asset sales and valuation gains on financial instruments.See it on page 3
04
Overseas sales reached KRW 113.4 billion, up 49.0% year on year, surpassing KRW 100 billion.See it on page 4
05
Marketing costs rose to KRW 29.2 billion in 1Q23 from KRW 6.7 billion in 1Q22, a 339.0% year-on-year increase.See it on page 5
06
The company set a 2023 shareholder value enhancement policy of KRW 60.5 billion, which it describes as the greatest ever, with KRW 27.3 billion already completed as of April 2023.See it on page 16

Summary

Com2uS presents its consolidated 1Q 2023 financial results under K-IFRS, noting the figures are provided before the external audit of Q1 2023 is complete and may change. Sales for the quarter were KRW 192.7 billion, up 44.5% year on year and down 5.7% quarter on quarter, which the company describes as record-breaking Q1 sales driven by the global release of Chronicles, growth of Sky Arena, and baseball titles. Operating profit was a loss of KRW 14.8 billion, with the YoY decrease attributed by the company to marketing costs for the Chronicles global release, while net profit was KRW 40.6 billion, with the QoQ and YoY increase attributed to gains on investment asset sales and financial instrument valuations. Overseas sales reached KRW 113.4 billion, up 49.0% year on year, and domestic sales were KRW 79.3 billion, up 38.6%. Marketing expenses rose to KRW 29.2 billion in 1Q23 from KRW 6.7 billion in 1Q22. The company also outlined its 2023 shareholder value policy of KRW 60.5 billion, which it describes as its largest ever, and reported a planned release slate including MLB 9 Innings Rivals in July and Ace Fishing: Crew globally in July.