South Korean games developer Gamevil said that it has “fully transitioned into a free-to-play smartphone publisher,” with 91 percent of sales derived from in-app purchases and 92 percent of total sales from smartphone (Android and iOS) users.

The company reported a 105 percent increase in net profit to KRW5.2 billion (US$4.5 million) and a 160 percent increase in sales to KRW16.6 billion for the first quarter of 2012.

It also said that overseas revenue outside of its home market grew by 437 percent, “establishing itself as a true global publisher.”

Gamevil said it has scheduled more than 40 launches for the coming year, including a mix of internal and third-party developed titles. The company last year allocated US$10 million to a partner fund intended to drive its third party publishing business.

“Publishing third party titles has allowed Gamevil to explore a wide variety of genres and has continuously contributed to the financial growth of the company. Now that publishing titles on Apple's App Store and Google Play has been gaining momentum this past quarter, we are very pleased to see strong growth throughout global markets," said Yong Kuk Lee, CFO of the company.