S Korea's Ncsoft Books 43 PCT Drop in Q1 Net Profit

SEOUL, May 15 Asia Pulse - NCsoft Corp. (KSE: 036570), South Korea's leading online game company, said Thursday that its first-quarter earnings fell 43 per cent on-year due to a recent debt write-off.

Net income amounted to 8.1 billion won (US$7.73 million) during the three months to March, compared with 14.1 billion won a year earlier, the company said in a regulatory filing.

Sales, however, increased 4 per cent on-year to 88.1 billion won, with operating profit climbing 15.6 per cent to 19.7 billion won, it added.

Despite increased sales from its flagship game series Lineage and Guild War, the drop in the bottom line was attributed to a recent debt write-off affected by the company's decision to halt investment in a new game development.

(Yonhap)

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