VANsa H1 Net Profit 74.5 Billion Won... 10% Decrease YoY

[Asia Economy Reporter Kim Hyo-jin] The net profit of 13 major value-added network operators (VANs) in the first half of this year was 74.5 billion KRW, a decrease of 8.4 billion KRW (10.1%) compared to the same period last year, the Financial Supervisory Service announced on the 17th.

Operating revenue in the first half was 1.2267 trillion KRW, an increase of 62.1 billion KRW (5.3%) compared to the same period last year. Revenue from other businesses such as electronic payment gateway (PG) increased by 11.72 billion KRW (22.2%) due to the rise in online shopping, while VAN business revenue decreased by 5.51 billion KRW (8.7%) due to a decline in offline card payments.

Operating expenses were 1.15 trillion KRW, up 73.6 billion KRW (6.8%) from the same period last year. Other operating expenses increased by 9.8 billion KRW (15.8%) due to payments such as PG merchant fees resulting from the increase in PG transactions.

Transactions by VAN companies in the first half totaled 9.16 billion, an increase of 11 million (1.2%) compared to the same period last year, and the number of merchants reached 2.718 million, up 36,000 (1.3%) from the end of last year. The number of terminals increased by 66,000 (2.0%) to 3.428 million compared to the end of last year.

Assets stood at 2.3624 trillion KRW, down 17.9 billion KRW (0.8%) from the end of last year. This was largely due to a decrease of 46.8 billion KRW (3.0%) in current assets such as cash and liquid financial assets.

Liabilities were 844.1 billion KRW, down 16 billion KRW (1.9%) from the end of last year, and equity was 1.5183 trillion KRW, a decrease of 1.9 billion KRW (0.1%) compared to the end of last year.