Naver, 1Q Operating Profit 288.8 Billion KRW... 1% Decrease YoY

[Asia Economy Reporter Minwoo Lee] Naver (NAVER) announced on the 29th that it posted provisional results of 1.4991 trillion KRW in consolidated sales and 288.8 billion KRW in operating profit for the first quarter of this year. Sales increased by 29.8% compared to the same period last year, but operating profit decreased by 1%. Net profit for the period was 15.3145 trillion KRW, an increase of 11,254.6% during the same period.

The company explained, "With the completion of the management integration of Line and Z Holdings as of March 1 this year, accounting gains that do not involve cash inflows or outflows, such as accounting disposal gains, were recognized," adding, "Accordingly, profit before income tax from continuing operations, net profit for the period, and net profit attributable to owners of the parent company increased."