Wemade swings to a profit in Q3, posting operating profit of 26.4 billion won

[Financial News] Wemade swung to a profit from the previous quarter in the third quarter of this year, buoyed by licensing revenue in China from The Legend of Mir 2 and 3. The company plans to accelerate its earnings improvement by focusing on launching new titles and taking existing hit games to China. 
According to industry sources on the 11th, Wemade posted consolidated revenue of 146 billion won, operating profit of 26.4 billion won and net income of 5.2 billion won in the third quarter of this year.
Revenue rose about 35% from the previous quarter, reflecting licensing revenue in China from the intellectual property (IP) of The Legend of Mir 2 and 3. Operating profit turned positive from a loss in the previous quarter, while net income increased about 51%. Year on year, total revenue fell about 11% amid declining sales of existing live-service games. Operating profit rose 0.3% as expenses, including personnel costs and advertising and promotional expenses, declined.
Wemade is pursuing new releases alongside expansion into China for its existing hit games. It is developing Night Crows W, targeting a release in the second quarter of next year. The company is also preparing about 20 games aimed at domestic and international markets, including Mir 5, Project TAL, a new game based on the Hundred Note IP, Project IL and Project MO.
Wemade is pursuing releases in China for Night Crows and Mir 4, which it first introduced to the global market. Night Crows is being prepared for release in China after obtaining a Chinese publishing license for foreign games in June.

[email protected] Jang Min-kwon Reporter