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GRAVITY REPORTS FIRST QUARTER OF 2021 RESULTS AND BUSINESS UPDATES - Seoul , South Korea – May 14 , 2021 – GRAVITY Co. , Ltd. ( NasdaqGM : GRVY ) ( “ Gravity ” or “ Company ” ) , a developer and publisher of online and mobile games based in South Korea , today announced its unaudited financial results for the first quarter ended March 31 , 2021 , prepared in accordance with international Financial Reporting Standards as issued by the International Accounting Standards Board and business updates . FIRST QUARTER 2021 HIGHLIGHTS Total revenues were KRW 105,059 million ( US $ 93,243 thousand ) , representing a 6.6 % decrease from the fourth quarter ended December 31 , 2020 ( " QoQ ” ) and a 43.4 % increase from the first quarter ended March 31 , 2020 ( “ YoY ” ) . Operating profit was KRW 27,953 million ( US $ 24,809 thousand ) , representing a 2.2 % increase QoQ and a 169.9 % increase YoY . Profit before income tax expenses was KRW 28,620 million ( US $ 25,401 thousand ) , representing a 7.0 % increase QoQ and a 154.4 % increase YoY . Net profit attributable to parent company was KRW 23,565 million ( US $ 20,915 thousand ) , representing a 56.4 % increase QoQ and a 154.4 % increase YoY . REVIEW OF FIRST QUARTER 2021 FINANCIAL RESULTS Revenues Online game revenues for the first quarter of 2021 were KRW 19,458 million ( US $ 17,270 thousand ) , representing a 26.6 % increase QoQ from KRW 15,370 million and a 44.8 % increase YoY from KRW 13,436 million . The increase QoQ was mainly attributable to increased revenues from Ragnarok Online in Taiwan and Japan . The increase YoY was largely due to increased revenues from Ragnarok Online in Thailand and Japan . Mobile game revenues were KRW 82,438 million ( US $ 73,166 thousand ) for the first quarter of 2021 , representing a 10.9 % decrease QoQ from KRW 92,562 million and a 47.3 % increase YoY from KRW 55,982 million . The decrease QoQ resulted primarily from decreased revenues from Ragnarok X : Next Generation in Taiwan , Hong Kong and Macau and Ragnarok Origin in Korea . Such decrease was partially offset by increased revenues from Tera Classic in Japan that was launched on January 29 , 2021 and Ragnarok M : Eternal Love in Southeast Asia . The increase YoY was primarily due to revenues from Ragnarok X : Next Generation in Taiwan , Hong Kong and Macau and Ragnarok Origin in Korea . This increase was partially offset by decreased revenues from Ragnarok M : Eternal Love in Taiwan , Southeast Asia , North America , Japan , Korea and Europe and Ragnarok Tactics . Other revenues were KRW 3,163 million ( US $ 2,807 thousand ) for the first quarter of 2021 , representing 29.8 % decrease QoQ from KRW 4,508 million and an 17.7 % decrease YoY from KRW 3,842 million .