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11st makes profits in Q1 after losing money last year

May 08,2019
E-commerce website 11st made a profit in the first quarter, the company announced Tuesday.

11st, operated by SK Telecom, generated 156.9 billion won ($141 million) in sales in the first quarter. Its operating profit stood at 4.3 billion won.

The platform used to be operated by the mobile carrier’s SK Planet subsidiary, but spun off as a separate entity in September in a bid to become a comprehensive shopping portal. It is now a subsidiary of SK Telecom.

“We were able to accomplish such operating profit after having spun off as a separate entity last September through strategic efforts and efficient spending on marketing,” the company said in a statement. “With the goal to become a commerce portal, we are striving to make a one-stop solution that allows consumers to research, make orders and payments and [receive] delivery at ease.”

The e-commerce website posted 67.8 billion won in operating losses last year.

By Jin Min-ji