Baemin operator Woowa Brothers posts 592.9 billion won in operating profit last year, down 7.5% from a year earlier

Woowa Brothers, operator of Baemin, posted 592.9 billion won in operating profit last year, down 7.5% year over year.

Revenue rose 22.2% to 5.283 trillion won, surpassing the 5 trillion won mark for the first time.

Service revenue accounted for most of the total at 4.496 trillion won, while product revenue also edged up to 781.1 billion won.

The company said stronger competition in delivery platforms increased discount and event costs, and promotions for its new service ‘Han Geureut’ weighed on profitability.