Japanese gaming company Mynet reported a sharp increase in profitability for the first nine months of 2024, driven by strong performance of its existing game titles and expansion into non-gaming development contracts.
The Tokyo-based firm saw its operating profit soar 374% to ¥385 million ($2.6 million) while revenue edged up 0.9% to ¥6.69 billion ($44.8 million). Net income climbed 172% to ¥319 million ($2.1 million).
Mynet’s core gaming segment, which accounts for about 95% of total sales, posted a 285% jump in operating profit to ¥312 million ($2.1 million) despite a 4.2% revenue decline. The company’s fantasy sports game for Japan’s professional basketball league B.League entered its fourth season after a system renewal.
In a strategic shift, Mynet introduced a new reporting segment for its cross-industry operations, which generated ¥341 million ($2.3 million) in sales and ¥72 million ($482,000) in operating profit. The company strengthened its workforce to handle increasing contract development work outside its traditional gaming business.
Management maintained its full-year forecast announced in October, projecting a 10.1% revenue growth to ¥9.6 billion ($64.3 million) and 114% increase in operating profit to ¥360 million ($2.4 million).
