Nexon, the Japanese-based online free-to-play games leader, beat profit expectations in the first quarter of its new financial year.

Revenues grew by 7% to JPY47.5 billion ($466 million) and net profits grew by the same figure to JPY16.1 billion ($158 million) in the three months to
March 2014.

“The difference is mainly the result of such factors as better-than-expected performance mainly from existing titles in Korea and China; a weaker than expected Japanese yen; and lower than expected personnel and marketing expenses,” the company said. However it warned of margin erosion in the second quarter.

In the meantime it also announced a stock buyback of 12.5 million shares totalling up to JPY10 billion ($98 million).
The company publishes and distributes games including fantasy actioner “Dungeon And Fighter” and sports-themed “FIFA Online.”