Kakao Games under Korean platform giant Kakao Corp. reported more than doubled top and bottom line in the first quarter versus a year-ago period, but its income dwindled from the previous quarter to reflect waning effect from “Odin: Valhalla Rising” released in the third quarter of last year.

The company earned 42.1 billion won ($33 million) in consolidated operating profit in the first quarter, up 169.68 percent from a year ago, but down 7.41 percent from the previous quarter. Sales came at 266.3 billion won, up 104 percent from a year ago and down 7.1 percent on quarter.

The game company lacked new release in the first quarter, but expects better news in the second quarter.

Odin has earned 50 million won in the first month of release in Taiwan. It remains at the top in app store market sales.

Uma Musume that zoomed to No. 1 in Apple store ranking in February last year and remains amongst the top in Japan would be released at home with an aim to join top three in sales rank, according to CEO Cho Kye-hyun.

The company has been eager in global expansion. It invested $20 million in Frost Giant Studios, an independent game studio in the United States founded by StarCraft and WarCraft developers, in January last year. It also put up $15 million in Playable Worlds, an online game company making cloud-based MMORPG and metaverse platforms.

The company is embarked on the process of forming syndicate team for the IPO of video game studio Lionheart Studio to bolster game pipeline and global expansion of the game developer.

The studio currently with more than 200 billion won in liquid assets is enhancing work force and working on next blockbuster after Odin.

Shares of Kakao Games rose 1.4 percent to 59,800 won as of 1:30 p.m.

By Jin Young-tae and Jenny Lee

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