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Companies

South Korea's Naver reaps $13bn windfall from Line-Yahoo merger

Operating profit slips on cost of fielding advanced tech team

Each of Naver's business segments reported substantial growth in sales. (Photo by Kotaro Hosokawa)

SEOUL -- Naver, South Korea's biggest internet portal operator, booked an extraordinary profit of 14.9 trillion won ($13.3 billion) from the merger of former chat subsidiary Line with Yahoo Japan's parent, the company said Thursday.

The one-time windfall boosted Naver's net profit to 15.3 trillion won for the first quarter, according to Thursday's earnings statement, up from 134.9 billion won a year earlier.

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