GungHo Shares Increase After Reporting 39% Jump in Profit

GungHo Online Entertainment Inc., the game maker controlled by SoftBank Corp., rose in Tokyo trade after posting a 39 percent jump in first-quarter profit.

The shares gained 2.8 percent to close at 583 yen, paring a 23 percent decline this year. Net income rose to 17.1 billion yen ($167 million) in the three months ended March, the Tokyo-based company said April 28.

GungHo is building on the success of Puzzle & Dragons, which has been downloaded to mobile devices about 30 million times globally since its 2012 release, with more functions and updates for the smartphone game. Six of GungHo’s game titles are generating profit and four of them have monthly sales of more than 100 million yen each, Chief Executive Officer Kazuki Morishita said in an April 15.

First-quarter sales surged 62 percent to 49.9 billion yen, the company said.

SoftBank owns about 34 percent of GungHo, according to data compiled by Bloomberg.

The Tokyo stock exchange was closed April 29 for a public holiday.

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