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Naver’s First-Quarter Net Profit Drops 31.3% Due to Foreign Exchange Losses

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Seoul, April 30 (IANS) Naver, South Korea’s largest online portal operator, said Thursday its first-quarter net profit fell 31.3 per cent from a year earlier, weighed down by foreign exchange losses.Net profit for the three months that ended in March fell to 291 billion won (US$195.9 million) from 423.7 billion won in the same period last year, the company said in a regulatory filing.”The decline was largely attributed to increased translation losses on the company’s dollar-denominated debt when…