Seoul: Kakao Pay Corp., the online payment arm of South Korea's leading messenger operator Kakao Corp., has announced a significant increase in its fourth-quarter net income, reaching 8.1 billion won (approximately US$5.5 million). This marks a 54.9 percent rise compared to the same period last year.
According to Yonhap News Agency, Kakao Pay's operating income for the period from October to December stood at 20.8 billion won, a notable turnaround from a loss of 33 billion won in the previous year. The company's revenue for the quarter also saw an increase, rising by 23.7 percent to 269.8 billion won.
The operating profit figures were consistent with the average estimate derived from a survey conducted by Yonhap Infomax, the financial data division of Yonhap News Agency. However, the estimate for net profit was not disclosed in the report.