RHN goes to loss in the second quarter on financial asset losses and increased marketing

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(Yonhap)

NHN Corp., one of South Korea’s leading information technology companies, said on Tuesday it posted a net loss in the second quarter from a year earlier due to losses in its financial assets and increased marketing costs.

The company posted a net loss of 5.3 billion won ($4.1 million) on a consolidated basis in the three months to June, down from a net profit of 15.2 billion won a year earlier.

Operating profit fell 73.9 percent year-on-year to 5.2 billion won, while sales rose 12.8 percent to 511.3 billion won.

Second-quarter operating profit was 60.1% below the average market estimate, according to a survey by Yonhap Infomax, the financial data company of Yonhap News Agency.

NHN attributed the loss in net profit to the impairment of the company’s financial assets and increased marketing costs related to the rebranding of its games service and the launch of its Webtoon service in France.

NHN said transaction volume on Payco Order, the company’s digital payment service, increased 36% year-on-year.

The company said it expects sales of its games service to increase significantly in the third quarter, with the company seeing a 40% year-over-year sales increase in July thanks to board game regulations. line recently relaxed. (Yonhap)

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