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G5 Entertainment's after-tax profit amounted to SEK 45 million for the second quarter of 2018, an increase of 55% compared to SEK 29 million for the same period last year.
"As can be seen from our 10-year history, growth momentum may vary from one quarter to the next when games go through their long life cycles, but we do not we do not focus much on our short-term results. " Vlad Suglobov in the report.
Just after the opening of the Stockholm Stock Exchange on Friday at 9 am, G5's share had risen sharply by 13.9 percent and traded for SEK 469.80. (Take the course here.)
However, revenues were negatively affected by technical problems, writes G5 in the report, after adversities with updates from a number of games. Similar to last year, Vlad Suglobov also saw signs of seasonal variations, where demand and the number of users looking for new games are lower than in the fourth and first quarter.
Operating margin was 12.7%. This is an improvement from 11.6% a year ago, but a deterioration of 13.3% in the first quarter.
"The sharp increase in the number of employees and the resulting increase in development costs put pressure on the profit margin
Read more: The Russian Stock Exchange -Swedish G5 wants to challenge Candy Crush
During the second quarter, about 65 people were employed and at the end of the period the company had 469 employees.
Russian G5 Entertainment- Swedish was founded in Moscow in 2001, and mainly develops so-called "free-to-play" apps for smartphones and tablets.Some popular titles include Hidden City and Mahjong Journey.G5 is currently working on a number of new games and plans to to launch two or three new titles in its main genres before the end of the year, all developed and 100% owned by the society itself.
(Direct / Finwire / Digital Diary)
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