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(LEAD) Kakao Q1 net jumps nearly 4 times on robust platform, e-commerce businesses

All News 08:26 May 07, 2020

(CHANGES headline, lead; ADDS details throughout, photo)
By Kim Han-joo

SEOUL, May 7 (Yonhap) -- Kakao Corp., the operator of South Korea's top mobile messenger KakaoTalk, said Thursday its first-quarter net profit jumped nearly four times from a year earlier on the back of robust revenue from its platform and e-commerce businesses.

Net profit reached 79.9 billion won (US$65.4 million) in the January-March period on a consolidated basis, compared with 17.6 billion won a year earlier, the company said in a regulatory filing.

The corporate logo of Kakao Corp. (Yonhap)

Sales jumped by 23 percent on-year to reach a record high of 868.4 billion won over the cited period, and its operating income also more than tripled to a record high of 88.2 billion won over the cited period, it said.

Kakao said it enjoyed brisk performance in both its platform and e-commerce businesses.

Kakao said the revenue from its platform business surged by 41 percent on-year to 442 billion won over the cited period on the back of steady growth of Biz Message and increased revenues from new businesses, such as Kakao Mobility and Kakao Pay.

Total transactions from the e-commerce business that includes online stores and gift services also surged by 55 on-year during the cited period.

Revenue from the content business also expanded by 8 percent on-year to 426.6 billion won in the first quarter.


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