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SEOUL, Nov. 6 (Yonhap) — Kakao Pay Corp., the online payment arm of South Korean social media conglomerate Kakao Corp., reported Monday that its third-quarter net loss grew, caused by elevated operating expenses.
The third-quarter net loss totaled 8.2 billion won (US$6.3 million) on a consolidated basis in the July-September period, compared to a loss of 4.7 billion won for the same quarter last year, Kakao Pay said in a regulatory filing.
The operating loss remained relatively unchanged at 9.5 billion won, while sales rose 12.4 percent year-on-year to 158.9 billion won.
The firm said its sales from the payment service increased 17.2 percent year-on-year to 113.5 billion won. Revenue from other services also increased 9.3 percent from the year before.
However, operating expenses rose 11.5 percent year-on-year to 168.4 billion won due to an uptick in commission fees, Kakao Pay said.
This image, provided by Kakao Pay, shows its corporate logo. (PHOTO NOT FOR SALE) (Yonhap)
nyway@yna.co.kr
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