Kakao Pay Q1 net income jumps 141.5 pct to 34.7 bln won

Kakao Pay-Q1 earnings

Kakao Pay Q1 net income jumps 141.5 pct to 34.7 bln won

SEOUL, May 6 (Yonhap) -- Kakao Pay on Wednesday reported its first-quarter net profit of 34.7 billion won (US$23.8 million), up 141.5 percent from a year earlier.

The mobile payment service provider said in a regulatory filing that it posted 32.2 billion won in operating profit for the quarter, compared with 4.4 billion won a year ago. Sales also rose 41.7 percent to 300.3 billion won.

The earnings beat market expectations. The average estimate of net profit by analysts stood at 25.5 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

(END)