Seoul: E-commerce giant Coupang Inc. announced on Wednesday that it has achieved record sales for the first quarter, supported by favorable foreign exchange rate conditions and the expansion of its emerging business areas. Coupang's sales for the January-March period reached 11.5 trillion won (US$7.91 billion), marking a 21 percent increase from the previous year, as stated by the company.

According to Yonhap News Agency, the company's operating profit soared more than threefold to 233.7 billion won, while net profit reached 165.6 billion won, showing a turnaround from a loss in the same period last year. The New York-listed e-commerce giant credited the favorable foreign exchange conditions and growth in the company's new business areas for the improved earnings.

The combined sales of Coupang's Taiwanese Rocket Delivery service, Coupang Eats, and the newly acquired online fashion retailer Farfetch Holdings rose 78 percent year-on-year to 1.51 trillion won. Sales from Coupang's core Product Commerce division, including Rocket Delivery and Rocket Fresh services, increased 16 percent year-on-year to 9.98 trillion won, with active customer numbers in the division rising 9 percent to 23.4 million.

Additionally, Coupang announced that its board has approved a share buyback program of up to 1.4 trillion won in common stock, describing it as part of a long-term strategy to deliver value to shareholders.