CCP's $21 million loss for fiscal year 2013 result of large R&D expenses

CCP has released its full-year financials, reporting a $21 million loss compared to the $4.6 million profit reported 2012.

Revenues came in at $76.7 million compared to $56.3 million the prior year.

The loss was attributed to a rather high R&D budget, which went from $16.5 million in FY12 to $56.5 million in FY13.

"During the year the company assessed its capitalized development assets and determined that a portion of those assets would likely not have future economic benefits," reads a statement in the financial report, via GI International.

"IAS 38 requires that such assets should be derecognized and removed from the balance sheet. The expense related to the derecognized assets are presented as part of research and development expense in the statement of comprehensive income."

R&D of EVE: Valkyrie, EVE: Online and Dust 514 ate up quite a bit of the budget, as did CCP's World of Darkness MMO which was cancelled earlier this week, and resulted in 56 positions being cut.