NewsPress Release
August 09, 2005
Daum announces 2Q 2005 financial results
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Daum recorded consolidated revenues of KRW 106.7 billion in the second quarter 2005, an increase of 67.1% YoY and 11.2% QoQ. In particular, New Commerce Division and New Finance Division recorded revenues of KRW 20.0 billion and KRW 36.6 billion, an increase of 16.3% QoQ and 29.8% QoQ, respectively, leading the revenue growth this quarter. New Media Division recorded revenues of KRW 36.5 billion, an increase of 6.8% YoY and 3.4% QoQ. Daum recorded consolidated revenues of KRW 202.7 billion and consolidated Gross Merchandise Sales (GMS) of KRW 484.7 billion in the first half 2005.
Daum enjoyed a meaningful second quarter with continuous growth of consolidated revenues and the turnaround of consolidated operating profits, which have been losses since the acquisition of Lycos, Inc. in the fourth quarter 2004. New Commerce Division and New Finance Division were the main drivers of the consolidated revenue growth and New Media Division contributed the most to the turnaround of consolidated operating profits. In New Media Division, while the revenues grew, expenses decreased comparing to last quarter, resulting in an increase of KRW 2.4 billion of operating profits, which was the main reason for consolidated operating profit turnaround.
Efforts to improve cost structures since the second half of last year have started to be reflected in the financial results, and Daum will continue to build a structure that can materialize profitability with revenue growth.
Second Quarter 2005 Consolidated Financial Results
*** Revenues were KRW 106.7 billion, an increase of 67.1% YoY and 11.2% QoQ.
*** Operating Profits were KRW 1.9 billion, a turnaround from the first quarter.
*** EBITDA were KRW 10.7 billion, a decrease of 4.2% YoY and an increase of 44.0% QoQ.
The above financial result is the consolidated estimate of Daum and its 10 subsidiaries and may be subject to change after the completion of the audit/review.
Financial results from international business are based on US GAAP and results from domestic business are based on K GAAP.
Revenues of New finance division are based on actual accounting standard rather than the reporting format to the Financial Supervisory Service (FSS).
Past consolidated financial results do not include Fluxus and Career Daum, which have been excluded from consolidation from this year, in order to apply the same standard for comparison.
We have included DaumFN, which has been spun-off from New Media in 1Q05, in New Finance for 2004 consolidated financial results in order to apply the same standard for comparison.
Daum enjoyed a meaningful second quarter with continuous growth of consolidated revenues and the turnaround of consolidated operating profits, which have been losses since the acquisition of Lycos, Inc. in the fourth quarter 2004. New Commerce Division and New Finance Division were the main drivers of the consolidated revenue growth and New Media Division contributed the most to the turnaround of consolidated operating profits. In New Media Division, while the revenues grew, expenses decreased comparing to last quarter, resulting in an increase of KRW 2.4 billion of operating profits, which was the main reason for consolidated operating profit turnaround.
Efforts to improve cost structures since the second half of last year have started to be reflected in the financial results, and Daum will continue to build a structure that can materialize profitability with revenue growth.
Second Quarter 2005 Consolidated Financial Results
*** Revenues were KRW 106.7 billion, an increase of 67.1% YoY and 11.2% QoQ.
*** Operating Profits were KRW 1.9 billion, a turnaround from the first quarter.
*** EBITDA were KRW 10.7 billion, a decrease of 4.2% YoY and an increase of 44.0% QoQ.
The above financial result is the consolidated estimate of Daum and its 10 subsidiaries and may be subject to change after the completion of the audit/review.
Financial results from international business are based on US GAAP and results from domestic business are based on K GAAP.
Revenues of New finance division are based on actual accounting standard rather than the reporting format to the Financial Supervisory Service (FSS).
Past consolidated financial results do not include Fluxus and Career Daum, which have been excluded from consolidation from this year, in order to apply the same standard for comparison.
We have included DaumFN, which has been spun-off from New Media in 1Q05, in New Finance for 2004 consolidated financial results in order to apply the same standard for comparison.
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