Finnish gaming company Rovio’s operating profit has dropped dramatically by 73 percent last year, said the company in its financial results for the full year of 2014 published on Thursday.
Rovio, known for its Angry Birds games, said its operating profit stood at 10 million euros (10.6 million U.S. dollars) in 2014, which shrank from 36.5 million euros in 2013.
Last year, the company’s turnover was 158.3 million euros, 9 percent less than the 173.5 million euros in 2013.
While the revenue from game and media businesses increased by 16 percent and 19 percent respectively, Rovio’s profit was dragged down mainly by the decline in sales of consumer by-products, which was almost halved from 73.1 million euros in 2013 to 41.4 million euros in 2014.
Pekka Rantala, CEO of Rovio, said in the financial report that he was not satisfied with the results, particularly the result of the consumer product licensing business.
Rantala believed that the upcoming Angry Birds animation film with a budget of about 75 million euros “will have a positive impact on licensing in the coming years.”
Founded in 2003, Rovio is a game developer and entertainment company based in Espoo, southern Finland. The company grew rapidly after launching the “Angry Birds” game at the end of 2009. Enditem