▲ The corporate logo of NHN Corp. (PHOTO NOT FOR SALE) (Yonhap)

(LEAD) NHN-2022 earnings

(LEAD) NHN shifts to red in 2022

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SEOUL, Feb. 10 (Yonhap) -- NHN Corp., a South Korean IT company, said Friday it swung to the red last year due to losses from its financial assets.

The company logged a net loss of 4.6 billion won (US$3.6 million) on a consolidated basis in 2022, shifting from a net profit of 129.7 billion won a year earlier, according to its regulatory filing.

Operating income for the year fell 58.4 percent on-year to 40.7 billion won and annual revenue increased 10 percent to 2.11 trillion won.

NHN attributed the net profit loss to depreciation of the company's financial assets and an increased foreign exchange loss due to a strong U.S. dollar.

The company said, however, it posted modest revenue growth last year thanks to steady sales in its flagship businesses, like advertisement and games.

Revenues in games jumped 10.2 percent on-year to 437.3 billion won, led by mobile games, which posted 68.8 billion won in sales for the fourth quarter alone, up 8.5 percent from a year ago.

Sales in advertisement and payment services climbed 9.9 percent on-year to 890.9 billion won in 2022.

In particular, the volume of transactions over Payco Order, the company's digital payment service, reached 2.7 trillion won for the three-month period ending in December, up 33 percent from a year earlier.

The company also said sales from its IT services, such as cloud service, soared 40.5 percent to 308.7 billion won last year.

NHN's earnings report was released before the market opened.

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