IGG Inc Provides Consolidated Earnings Guidance for the Six Months Ended June 30, 2022
July 15, 2022 at 04:51 am EDT
Share
IGG Inc. provided consolidated earnings guidance for the six months ended June 30, 2022. The company informed the shareholders of the Company and potential investors that based on the preliminary assessment of the unaudited consolidated management accounts for the six months ended 30 June 2022 and the information currently available to the Company and its subsidiaries (collectively the "Group"), it is expected that the Group will record a net loss of around HKD 175 million for first half of 2022, of which the net loss for core game business1 is expected to be around HKD 60 million, and the gain or loss on investments is expected to record a net loss of around HKD 115 million. The decline in the Group's results is primarily attributable to the following factors: Revenue decreased by around 23% in first half of 2022 as compared to first half of 2021, primarily attributable to the natural decrease in game revenue as current core games entered into maturity phases; Research and development expenses increased by around 49% in first half of 2022 as compared to first half of 2021, primarily attributable to the increase in research and development expenditures in the Group's new game projects; and Affected by the fluctuations in the securities and investment market in first half of 2022, the Group's profit from investments in securities and private equity funds decreased by around 93%, which was lower than that in first half of 2021.
IGG Inc is a Singapore-based investment holding company. The Company is principally engaged in the development and operation of mobile online games with a global presence and international customer base. The Company is focused on investing in mobile Internet and gaming-related companies and funds. The Company's geographical segments include Asia, North America, Europe, and Others. The Company's games include, Yeager (Hunter Legend), Lords Mobile, Time Princess, Mobile Royale, Castle Clash, New Titles, Mythic Heroes, Deck Heroes, Deck Heroes, Rage of Destiny, Dawn of Dynasty and Texas HoldEm Poker Deluxe. The Company offers mobile games and applications in approximately 23 different languages. The Company's subsidiaries include Fuzhou TJ Digital Entertainment Co., Ltd, Fuzhou Skyunion Digital Co., Ltd, Hainan Tianzhi Network Technology Co., Ltd, IGG (Hainan) Capital Co., Ltd., IGG Capital, IGG Capital Limited and others.