Naver’s operating profits up 50.5 percent in first quarter

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Naver’s operating profits up 50.5 percent in first quarter

Naver, the nation’s No. 1 web portal company announced yesterday that its operating profit for the first quarter shot up 50.5 percent to 189.8 billion won compared to the same period last year.

Sales increased 23.9 percent to 638 billion won and net income declined 17.9 percent to 128.9 billion won. Overseas sales of its Line messenger service drove the first quarter sales increase, the company said.

International Line sales skyrocketed 92.6 percent from a year earlier to 181.3 billion won, accounting for 28 percent of Naver’s total sales. Sales of Line increased 6.1 percent from the previous quarter to 145.2 billion won and the number of users exceeded 420 million. However, Naver failed to achieve its earlier goal of diversifying Line sales.

“80 percent of sales of Line comes from Japan and 20 percent comes from other regions,” said Hwang In-joon, CFO of Naver.

The company aims to attract more subscribers from Southeast Asia by launching localized games in each country.

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