Kakao Pay turns to red in Q4

SEOUL, Kakao Pay Corp. on Tuesday reported its fourth-quarter net loss of 8.4 billion won (US$6.3 million), turning from a profit of 33.4 billion won a year earlier. The company said in a regulatory filing that it continued to post an operating loss of 21.5 billion won for the October-December period, compared with a loss of 22.3 billion won a year earlier. Sales rose 35.2 percent to 166.1 billion won. The operating loss was 35.7 percent higher than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. Source: Yonhap News Agency