Austria-based publisher JoWood released its first half financial results today. Overall, both sales and profits are down in year-over-year comparisons. Sales fell from 12.3 million euros ($15 million) to 7.3 million euros ($8.9 million), while income took a similar fall, down 3.3 million euros ($4 million) to 4 million euros ($4.8 million).
However, JoWood has been able to significantly cut costs. Expenses are down approximately 28 percent compared to last year. Furthermore, on a quarter-by-quarter comparison, revenue at the company increased in the latter three months of the period by 90 pecent. JoWood has also remained sufficiently confident enough to have increased its permanent staff by 11 people since June 2003.
The company expects better results in the coming quarters, since much of its first half expenses were investments in upcoming games such as Gothic III, Spellforce II, and Stargate. JoWood is also looking forward to releasing its first console games, making it the only German-speaking multiplatform publisher.
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