Gamania Digital Entertainment Co (遊戲橘子) yesterday reported that it swung into a loss in the second aquarter because of higher operating expenses, especially from summer marketing promotions.
The results come in the wake of a company statement earlier this month that it was streamlining its operations as part of a restructuring plan.
The Taipei-based company, which has a market share of 28.53 percent in the local online gaming industry, reported a net loss of NT$47.72 million (US$1.59 million) for the April-to-June quarter, or a net loss per share of NT$0.34.
That compares with a net income of NT$49.34 million, or earnings per share (EPS) of NT$0.35, in the first quarter, and a net income of NT$36.63 billion, or EPS of NT$0.24, in the second quarter of last year.
For the first six months of the year, the company reported a net income of NT$1.62 million, or NT$0.01 per share. That was down 99.03 percent from a net income of NT$166.39 million, or NT$1.08 per share, the company posted a year earlier.
Revenue was NT$3.61 billion in the first half, flat from NT$3.6 billion for the same period last year, the filing showed.
The company said in a statement on Aug. 17 that it decided to cut about 10 percent of its work force, or about 150 jobs, to cope with the “fierce competition” in the market.
Gamania plans to complete the adjustment and reallocate company resources by the end of this month, it added.