Seoul: Kakao Pay on Wednesday reported its first-quarter net profit of 34.7 billion won (US$23.8 million), reflecting a 141.5 percent increase from the same period the previous year.

According to Yonhap News Agency, the mobile payment service provider disclosed in a regulatory filing that its operating profit for the quarter was 32.2 billion won, a significant rise from 4.4 billion won in the corresponding period last year. The company's sales also experienced a growth of 41.7 percent, reaching 300.3 billion won.

The earnings surpassed market expectations, as analysts had projected an average net profit of 25.5 billion won, based on a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.