7Seas Entertainment Limited (formerly 7Seas Technologies Limited), a Hyderabad-based independent game development company, reported a 62.5 per cent growth in its net profit to Rs 1.17 crore for the first quarter ended June 2012, as compared with Rs 72 lakh in the corresponding quarter last year. Total income stood at Rs 6.9 crore as against Rs 5.16 crore during the same period a year ago, reflecting an increase of 33.72 per cent.
“The surge in net profit was on account of the 10 new mobile games that we had launched in the fourth quarter of FY12, which have started paying dividends since Q1 of the current fiscal,” 7Seas’ managing director L Maruti Sanker told Business Standard.
The company, which has a portfolio of over 500 online games, is in the process of launching its first game for Android-based mobile devices in the next few weeks, he added.
Meanwhile, 7Seas Entertainment’s board of directors, at its meeting held on Tuesday, authorised the managing director to explore avenues, including issuance of further shares, for raising funds to meet the ever-growing business activities of the company. Sanker, however, declined to comment on the quantum of funds that the company intends to raise.
7Seas’ scrip ended the trade at Rs 32.50 on the BSE on Tuesday, down 1.22 per cent, over the previous close of Rs 32.90.