Microsoft Korea reports 130% net profit rise in first disclosure

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Microsoft Korea reports 130% net profit rise in first disclosure

Microsoft logo [MICROSOFT]

Microsoft logo [MICROSOFT]

 
Microsoft Korea’s net profit in the 12 months from July 1, 2020 was 107.6 billion won ($90.6 million), up 130 percent on year.
 
The Korean unit of Redmond, Washington’s Microsoft released two years of financial data in a filing Monday. It was its first such disclosure since incorporating in 2005.
 
Sales were 1.16 trillion won in the most recent period, up 0.4 percent on year. Its annual operating profit was 131.4 billion won, a 75.5 percent increase on year.
 
Products — such as the Windows operating system software, tablet devices and game consoles — were 52.7 percent of total sales.
 
Microsoft Korea sold 446.4 billion won in services, likely due to the increase in demand for cloud products due to telecommuting amid the Covid-19 pandemic.
 
Services include Microsoft Office 365, Azure, Dynamic 365, Xbox Live and consulting fees. The remaining 102.8 billion won was commissions.
 
Sales are up 398 percent over the past 17 years. The unit reported 233 billion won in sales in 2004, before becoming a limited liability company the following year.
 
Korean law now requires limited liability companies with more than 50 billion won in annual sales to disclose financials. Google Cloud disclosed in April and Oracle Korea in September.
 
 

BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]
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