Yanolja Co., a leading South Korean booking app operator, said Friday it swung to the red last year on acquisitions expenses and increased investments.
Yanolja posted a net loss of 120.9 billion won (US$92.6 million) in 2022, compared with a net income of 47 billion won a year before, the company said in a regulatory filing.
Operating profit dropped 89 percent on-year to 6.1 billion won, while sales jumped 83 percent to 604.5 billion won.
The travel platform operator attributed its loss to expenses incurred in its recent acquisition of Interpark Corp. and increased investments to grow its IT solutions affiliate, Yanolja Cloud.
In 2021, Yanolja acquired a 70 percent stake in Interpark's e-commerce business, including travel services, performing arts and online shopping. The acquisition was approved by the Fair Trade Commission on Tuesday.
The company said its adjusted earnings before interest, taxes, depreciation and amortization came to 47.3 billion won.
Source: Yonhap News Agency