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Com2uS
Com2uS 2024 3Q Financial Results
Key insights
6 takeaways- 01Consolidated sales were 172.8 bn KRW in 3Q24, down 1.8% year on year, and consolidated operating profit was 1.4 bn KRW, a turn to surplus from a 1.4 bn KRW operating loss in 3Q23.See it on page 3
- 02Consolidated net profit fell 91.5% year on year to 1.0 bn KRW, which the document attributes to a reduction in investment securities valuation gains.See it on page 3
- 03Parent RPG sales declined 6.9% year on year to 79.5 bn KRW, which the document attributes to the absence of the global launch effect of Chronicles, while 'Summoners War' continued to show growth.See it on page 4
- 04Parent game sports sales rose 7.4% year on year to 50.8 bn KRW, with a 46% YoY growth from KBO games contributing to sports sales.See it on page 4
- 05Parent marketing costs fell 54.3% quarter on quarter, which the document links to reduced marketing expenditure related to the 'Summoners War' 10th anniversary promotion and the baseball season opening.See it on page 5
- 06Overseas sales were 95.3 bn KRW, 69.1% of the game business revenue in 3Q24, and the document attributes the quarter-on-quarter decline in overseas sales to seasonal impact on 'Summoners War'.See it on page 7
Summary
Com2uS reports its consolidated results under K-IFRS for the third quarter of 2024 (3Q24), with comparisons to 3Q23, 4Q23, 1Q24 and 2Q24. The document notes that the figures may change after an external review is completed. Consolidated sales were 172.8 bn KRW, down 1.8% YoY and 0.1% QoQ, with Com2uS standalone sales of 134.2 bn KRW and subsidiary sales of 38.6 bn KRW. Consolidated operating profit was 1.4 bn KRW, a turn to surplus from a 1.4 bn KRW loss in 3Q23, while net profit was 1.0 bn KRW, down 91.5% YoY. The company reported operating profit for three consecutive quarters. At the parent level, RPG sales were 79.5 bn KRW, down 6.9% YoY, while game sports sales rose 7.4% YoY to 50.8 bn KRW. Parent operating margin was 5.1%. Overseas sales of the game business were 95.3 bn KRW, 69.1% of the game business total, and the document also lists a new lineup of 3 in-house and 8 publishing games.
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