Daum Communications Corp., the operator of South Korea’s second-most visited search engine, said Tuesday that its fourth-quarter earnings declined 39.3 percent from a year earlier on increased costs.
Net income amounted to 11.7 billion won (US$ 10.4 million) in the October-December period, compared with 19.2 billion won the previous year, the company said in a regulatory filing.
Revenue rose 16.1 percent on-year to 117.5 billion won in the cited period and operating profit inched up 2.5 percent to 26.2 billion won, it added.
The company said that its weaker fourth-quarter bottom line came as it earmarked a charge for uncollected proceeds from the sale of its U.S. subsidiary Lycos Inc. Daum sold Lycos to India-based Ybrant Media Acquisition Inc. for $ 36 million in August 2010.
For the whole of 2011, net profit fell 11.3 percent on-year to 108.6 billion won, the company said.