Gree says net profit is up 500%, expects yearly sales of 123 million USD

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Mobile social networking site Gree [JP] said Friday that their net profit will probably increase by a whopping 500% on a year-by-year basis to 3.5 billion Yen (38.6 million USD, 28.7 million Euros) in the current fiscal year (which ends for GREE on June 30). This is 300 million Yen (3.3 million USD, 2.5 million Euros) more than previously projected.
The company, which successfully went IPO last month, also expects sales to jump 280% to 11.2 billion Yen (123.6 million USD/93 million Euros). Earlier sales estimates stood at 9.9 billion Yen (109 million USD/82.2 million Euros).
Gree generated 70% of sales through avatar-related sales and fees charged for games, the rest comes from text and display ads.
These are some pretty impressive numbers for a mobile-only site. GREE seems to get a lot of its 7 million members to pay for its services. If Facebook could do the same (with a different approach, obviously) with only a fraction of their members…

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