eBay Korea revenue nears 1 trillion won mark

eBay Korea, the Korean unit of eBay, said Monday that it posted nearly 1 trillion won ($875 million) in sales last year.

Sales came to 981 billion won in 2018, up 3.1 percent, from a year earlier, eBay Korea said in a press release.

The company said it racked up an operating income of 48.6 billion won last year, down 22 percent from a year earlier.

But eBay Korea said it was the only major e-commerce company that posted an operating profit in 2018.

The company said it plans to open a new warehouse in the country later this year as part of efforts to strengthen its logistics service.

eBay Korea is the country’s largest e-commerce company, controlling a number of major online shopping malls, such as Gmarket, Auction and G9.

Other major online shopping malls are forecast to have continued to suffer losses last year, mainly due to fierce market competition leading to excessive discounts and outlays on fast-delivery services.

Wemakeprice, a local open market operator, said Wednesday that its sales reached 430 billion won in 2018, slightly down from 473 billion won a year earlier, and its operating loss came to 29 billion in 2018.

TMON I is forecast to have reaped 500 billon won in sales last year, up nearly 30 percent from the previous year, industry sources said. But it is estimated to have lost about 110 billion won last year.

The operating losses at Coupang are also forecast to have widened in 2018, after the company reported a net loss of 673.5 billion won a year earlier, the sources said. Coupang is scheduled to announce its earnings on April 15.

Yonhap