Gree triples profits

Japanese mobile gaming company Gree has announced that profits during the final three months of 2011 more than trebled year on year.

Net income during the period, the second quarter of Gree's fiscal year, rose 206 per cent year on year to ¥12.7 billion (£105.7 million), while net sales revenue totalled ¥41.5 billion (£344.6 million), an increase of 190 per cent.

In stark contrast to Facebook – which revealed its dependence on advertising revenue in its IPO filing last week – just 7.8 per cent of Gree's quarterly revenue came from ad sales. The overwhelming majority of revenue comes from sales of virtual goods in social games on its network.

Gree intends to launch its new, global platform before the end of its current fiscal year on June 30. The service currently boasts 7,500 games, and 190 million registered users. The company forecasts net sales revenue for the full fiscal year to be between ¥160 billion and ¥170 billion, with net income of ¥44 billion to ¥50 billion.