NHN Q1 net surges 18 pct on higher revenue

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SEOUL, May 8 (Yonhap) -- NHN Corp., the operator of South Korea's top Internet
portal Naver, said Friday its first-quarter earnings rose 17.9 percent on
increased revenue from online games.
Net income came to 104.3 billion won (US$82.6 million) in the January-March
period, compared with 88.4 billion won a year earlier, the company said in a
regulatory filing.
Compared with the previous quarter, its net profit was also up 5.6 percent.
Sales climbed 9.2 percent on-year to 322 billion won and operating income also
gained 0.6 percent to 128.3 billion won over the cited period.
Shares of Naver closed at 159,500 won on the main bourse, up 1.59 percent from
the previous session.
NHN attributed the surge in earnings mainly to an increase in online games.
The company, which also operates the nation's No. 1 online game portal, Hangame,
said its online game business continued to grow, despite the economic downturn
that has affected banner sales, sponsor links and other advertisements.
Sales of its online games amounted to 116.4 billion won in the first quarter, up
28.7 percent from a year earlier.
Market watchers expect NHN, dubbed the Google Inc. of South Korea, to sustain its
momentum throughout the year, as Internet-savvy Koreans spend more time on its
Web site to search or play online games, allowing the company to draw more
advertisers.
ygkim@yna.co.kr
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