SEOUL, April 29 (Yonhap) — South Korea’s top internet portal operator, Naver Corp., said Thursday its net profit jumped 11,252.5 percent on-year during the first quarter due to accounting profits.
Net profit reached 15.31 trillion won (US$13.8 billion) during the January-April period, compared with 134.9 billion won in the previous year, the company said in a regulatory filing.
The record profit in the first quarter is due to accounting profits reflected from the business integration of its messaging firm Line Corp. in Japan with Yahoo Japan.
On March 1, Z Holdings Corp., a parent company of Yahoo Japan, and Line announced the completion of the business integration between the two companies.
Operating income reached 288.8 billion won for the cited period, down 1 percent from the year before. Sales reached 1.49 trillion won during the same period, representing a 29.8 percent increase compared with the year before, Naver said.