Go to Contents Go to Navigation

(2nd LD) Kakao Q2 net more than doubled

All News 10:03 August 09, 2018

(ATTN: UPDATES with reason behind hike in net profit)

SEOUL, Aug. 9 (Yonhap) -- Kakao Corp., the operator of South Korea's top mobile messenger KakaoTalk, said Thursday its second-quarter net profit more than doubled from a year earlier on increased gains from financial assets.

Net profit for the three months that ended on June 30 jumped to 25.4 billion won (US$22.7 million) from 12.5 billion won a year earlier, the company said in a regulatory filing.

Kakao earned 35.4 billion won in gains from its foreign currency-denominated bank deposits and interest income from its financial assets, giving a boost to its quarterly bottom line.

But operating profit fell 38.2 percent to 27.5 billion won in the second quarter from 44.6 billion won a year ago, as the company spent more in marketing costs to promote new businesses.

Sales rose 25.7 percent on-year to a quarterly record high of 588.9 billion won due to strong performance across all business sectors, including advertising and content, the company said.

By business, sales for its content platform climbed 29 percent on-year to 302.8 billion won in the second quarter. Sales in music content grew by 11 percent to 130.5 billion won, Kakao said in a statement.

(2nd LD) Kakao Q2 net more than doubled - 1


Issue Keywords
Most Liked
Most Saved
Most Viewed More
Send Feedback
How can we improve?
Thanks for your feedback!