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CD Projekt's first-quarter profit more than doubles

CD Projekt's first-quarter profit more than doubles

FILE PHOTO: Boxes with CD Projekt's game Cyberpunk 2077 are displayed in Warsaw, Poland, December 14, 2020. REUTERS/Kacper Pempel/File Photo

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 per cent to 68.9 million zlotys (US$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 per cent rise in revenue to 216 million zlotys, topping the 207 million expected by analysts.

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

Source: Reuters

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