IGG Inc. generated $53.6 million in Q1 2015 revenue, representing a 21.5% year-over-year increase but an 11.4% decline from the previous quarter due to EU VAT changes and the depreciation of the Russian ruble.
See it on page 4Mobile gaming accounted for 92.9% of total turnover, driven primarily by the global performance of the Castle Clash and Clash of Lords franchises.
See it on page 11Net profit for the quarter reached $14.0 million, with an adjusted net income of $14.8 million after accounting for share-based compensation.
See it on page 3Research and development spending surged nearly 70% to $5.6 million as the company expanded its technical teams to support a pipeline of approximately 30 new titles scheduled for release later in 2015.
See it on page 15The company is pursuing a transfer of its listing from the Growth Enterprise Market to the Main Board of the Hong Kong Stock Exchange to reflect its maturing corporate profile.
See it on page 31IGG expanded its international footprint by establishing new regional offices in Japan and South Korea and relocating its Singapore headquarters.
See it on page 11Total equity rose to $202.1 million by March 31, 2015, with ownership concentrated among key executives and major institutional investors including IDG-Accel and Temasek Holdings.
See it on page 22IGG Inc. achieved a revenue of $53.6 million during the first quarter of 2015, marking a 21.5% increase over the same period in 2014. This growth was fueled by the continued global dominance of mobile titles, specifically Castle Clash and the Clash of Lords series, which together drove mobile gaming to represent 92.9% of total turnover. Despite this year-over-year progress, revenue declined 11.4% from the previous quarter due to external headwinds, including new European Union VAT regulations and the depreciation of the Russian ruble. Net profit for the period reached $14.0 million, with an adjusted net income of $14.8 million after accounting for share-based compensation.
The company’s strategic focus remained on global expansion and product development. Research and development costs surged nearly 70% to $5.6 million as the Group expanded its technical teams and prepared a pipeline of approximately 30 new titles for release later in the year. To support this international trajectory, new regional offices were established in Japan and South Korea, and the Singapore headquarters was relocated. Furthermore, the Group initiated a proposed transfer of its listing from the Growth Enterprise Market to the Main Board of the Hong Kong Stock Exchange, reflecting its maturing corporate profile.
Financial stability was evidenced by total equity rising to $202.1 million by March 31, 2015. While the Board of Directors opted not to declare a dividend for the quarter, it remained active in corporate governance and incentive management, overseeing significant activity in share option and award schemes. Ownership remains concentrated among key executives and major institutional investors like IDG-Accel and Temasek Holdings. Despite ongoing legal proceedings with uncertain outcomes, the Group maintained a robust balance sheet and a backend-loaded release schedule intended to sustain momentum throughout the fiscal year.
