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SEOUL, May 10 (Yonhap) — NHN Corp., one of South Korea’s leading information technology companies, said Tuesday it posted a net loss in the first quarter from a year earlier due to the loss of its financial assets and the cessation of some of its games. some products.
The company posted a net loss of 4.5 billion won ($3.5 million) on a consolidated basis in the three months to March, down from a net profit of 23.8 billion won a year earlier.
NHN said its net loss was attributed to losses in the company’s financial assets and the suspension of some of its gaming services.
Operating profit fell 38.2 percent year on year to 15.5 billion won. Operating profit was 37.1% lower than the average estimate, according to the survey by Yonhap Infomax, the financial data company of Yonhap News Agency.
Sales soared 15.2 percent year-on-year to 520.5 billion won. Sales of the company’s gaming services fell 2.5% to 108.8 billion won, but those of commerce, technology services and content products rose 35.3%, 42.3%, respectively. and 10.2%.
NHN said it reorganized its games and cloud services units to strengthen the long-term competitiveness of its two main business pillars. It also recently decided to build a cloud data center in Suncheon, 415 kilometers south of Seoul, and plans to increase related investment in the southwest region.