(LEAD) NHN net loss narrows in 2023 on lower costs

SEOUL, Major IT company NHN Corp. said Tuesday its net loss narrowed in 2023 from a year earlier thanks mainly to reduced costs. Net loss came to 9 billion won (US$6.8 million) last year, compared with a 31.8 billion-won deficit a year earlier, the company said in a regulatory filing. Sales rose 7.3 percent on-year to 2.26 trillion won, with operating income coming to 55.5 billion won, up 42.2 percent from the previous year. NHN said its mobile games division contributed stably to 2023 sales, and it posted a smaller net loss due to decreased marketing and other costs. In the fourth quarter, its net loss stood at 57.9 billion won, remaining in the red compared with a year ago. Sales rose 6.7 percent to 598.3 billion won, while it posted an operating loss of 7.8 billion won for the October-December period, compared with a profit of 10 billion won a year ago. The fourth-quarter operating balance was in sharp contrast with a market consensus of 11.7 billion won in operating profit. NHN is slated to hold a conference call for 2023 and fourth-quarter earnings Wednesday, where it will also unveil this year's management plans. NHN shares closed 1.18 percent down at 25,100 won on the main bourse Tuesday, underperforming the broader Korea Composite Stock Price Index's 1.12 percent increase. Source: Yonhap News Agency