WEMAKEPRICE Reduces Deficit Last Year... "Expanding Platform Investment This Year"

Operating Loss of 54 Billion KRW in 2020... 29% Improvement Compared to Previous Year

[Asia Economy Reporter Kim Cheol-hyun] WEMAKEPRICE has laid the groundwork for a turnaround by reducing the deficit it suffered last year due to the impact of the COVID-19 pandemic. This year, it plans to continue improving profitability while investing in platform advancement.

WEMAKEPRICE announced on the 3rd that its annual operating loss for last year was 54 billion KRW, a 29% improvement compared to 75.7 billion KRW the previous year. Revenue was recorded at 386.4 billion KRW, down 17% from the previous year.

The decline in revenue was due to significant contraction in categories such as travel and performances compared to the previous year, affected by COVID-19 and other factors. Although e-commerce orders increased due to the expansion of untact (contactless) consumption, the business characteristic of having a low proportion of directly purchased products also meant it did not benefit from the COVID-19 boom.

The operating loss decreased compared to the previous year thanks to intensive profit improvement efforts carried out since the second half of last year.

WEMAKEPRICE plans to further strengthen its development capabilities this year to provide 'good products' at 'good prices' from the user's perspective. A WEMAKEPRICE official stated, "This year, we will focus thoroughly on users and expand investment in platform advancement to grow as a hidden champion."

Meanwhile, the disclosed performance figures are estimates, and the final audit report, which will undergo external audit, will be announced later.

This content was produced with the assistance of AI translation services.