Cryptocurrency Exchange Upbit's Operator Dunamu Announces Q2 2023 Net Profit of KRW 108 Billion
Zach Anderson Aug 26, 2023 12:00
The latest quarterly report from Dunamu, the operator of cryptocurrency exchange Upbit, shows a net profit of KRW 108 billion in Q2 2023, a significant improvement from the previous year's net loss of KRW 37.8 billion. The company's revenue fell 47.9% from Q2 2022, but net profit remained positive.
The most recent quarterly report suggests that Dunamu, the company that is responsible for operating the cryptocurrency exchange Upbit, had a net profit of KRW 108 billion during the second quarter of 2023 (April-June), when the period in question was measured. The report includes this data in its comprehensive analysis. In stark comparison to the KRW 37.8 billion net loss announced in the second quarter of the prior year, the current figures show a profit of KRW 5.2 billion.
For this quarter, the company registered a revenue of KRW 186.6 billion, marking a 47.9% decline from the KRW 358.1 billion reported in Q2 2022. Despite this, the quarter's net profit showcased a positive direction. After adjustments, the operating profit stood at KRW 86.6 billion, reflecting a 68.9% decrease from earlier figures.
Dunamu's research indicates that "A global liquidity squeeze and extended economic slump have affected investor confidence," resulting in decreased sales.This is because of the global liquidity crunch and the prolonged economic downturn. In addition, the company said that a rise in the value of virtual assets in comparison to 2022 contributed to the development in net profit. This was stated in reference to the growth in net profit.
Since 2022, Dunamu has been required to submit its business reports on a semi-annual basis since the company falls into the group of companies that are required to carry out external audits because it has more than 500 shareholders for each security. This obligation has been placed on Dunamu due to the fact that it belongs to the category of organisations that are required to carry out external audits.
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