Independent developer and publisher SouthPeak Interactive has posted a net profit of $687,000 (£411,000) for the first quarter ended September 30, 2009, compared to a loss of $2.7 million (£1.6m) in the comparable period last year.

The company reported year-on-year quarterly sales growth of 100 per cent, with first quarter revenues of $16.7 million (£9.9m), and cited “continued strong demand” for its My Baby franchise among its operational highlights.

SouthPeak also said in its financial release that it has acquired the TNA Impact wrestling assets previously held by Midway. Its first series release will be TNA Impact: Cross The Line for PSP and DS.

“We are pleased with our continued revenue growth despite the ongoing challenges in the retail environment and are excited by the hardware price reductions. We expect that the recent price reductions can drive momentum for the industry going into the holiday season,” said Melanie Mroz, CEO of SouthPeak.

SouthPeak’s upcoming product releases include My Baby: First Steps (Wii and DS), Horrid Henry (Wii, DS and PC), Fast Food Panic (Wii and DS) and Crime Scene (DS).

In October, SouthPeak reported a net loss of $12.1 million (£7.6m) for the year ended June 30, 2009, compared to a net income of $1.5 million (£940,000) the previous year.