11 bit studios posts net profit of PLN 1.1 mln in Q2, market expected loss

Listed video games developer 11 bit studios had a net profit of PLN 1.1 million (EUR 256k) in Q2 2024, compared to PLN 1.5 million (EUR 350k) a year earlier, the company said in its half-yearly report. The PAP Biznes consensus was for a PLN 0.7 million (EUR 163k) net loss.

The company reported an operating loss of PLN 4.3 million (EUR 1.004 mln) in Q2, compared to a loss of PLN 1.3 million (EUR 303.7 mln) in the same period in 2023. The market had expected a PLN 0.9 million (EUR 210k) loss.

The company's revenue, on the other hand, came in at PLN 15.4 million (EUR 3.6 mln), slightly higher than the consensus expectation of PLN 14.5 million (EUR 3.4 mln).

In the entire first half of the year, the company recorded nearly PLN 30.8 million (EUR 7.2 mln) in sales revenue, compared to PLN 24.8 million (EUR 5.8 mln) a year earlier. The operating loss was PLN 5.4 million (EUR 1.3 mln) and the net loss was around PLN 0.5 million (EUR 116k). A year ago, the company had PLN 0.6 million (EUR 140k) EBIT and PLN 4 million (EUR 934k) net profit.

The company said that the 24.2 percent year-on-year increase in revenues in the first half of the year is a result of the expansion of the product portfolio with the addition of new titles from the publisher, namely "The Invincible" (debuting on November 6, 2023), "The Thaumaturge" (March 6, 2024) and "Indika" (May 2, 2024).

The company indicated that the net loss in H1 2024 was significantly impacted by the profit reported for the period by its affiliate, Fool's Theory.

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