CD Projekt's first-quarter profit more than doubles

·1-min read
FILE PHOTO: Boxes with CD Projekt's game Cyberpunk 2077 are displayed in Warsaw

(Reuters) - Polish video game maker CD Projekt more than doubled its first-quarter net profit, helped by a pick up in sales of its flagship "Cyberpunk 2077" game after months spent fixing glitches.

"The next-gen version of Cyberpunk, released together with a major update...had a positive effect on the game's perception and sales figures, particularly on console," the company's chief executive Adam Kicinski said in a statement on Thursday.

CD Projekt has been working to fix Cyberpunk ever since its bug-ridden debut in late 2020 and it has released several patches and fixes for the game.

Net profit jumped 112% to 68.9 million zlotys ($16.06 million), slightly above the 67 million expected by analysts polled by Reuters.

Finance chief Piotr Nielubowicz said most of CD Projekt's first-quarter revenue had come from Cyberpunk, while the company's balance of cash, deposits and T-bonds increased by more than 107 million zloty in the first three months of the year.

The company, also behind "The Witcher" franchise, reported a 9% rise in revenue to 216 million zlotys, topping the 207 million expected by analysts.

Selling costs dropped 2% to 60.6 million zlotys led by a 63% fall in costs relating to Cyberpunk service, but publishing costs rose 87%.

($1 = 4.2907 zlotys)

(Reporting by Anna Pruchnicka; Editing by Elaine Hardcastle, Kirsten Donovan)

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