SEOUL, Kakao Pay Corp., the online payment unit of South Korean social media giant Kakao Corp., said Tuesday it shifted to black in the first quarter on the back of growth of its subsidiaries. Its net profit came to 167 million won (US$122,948) in the January-March period, swinging from a loss of 2.4 billion won a year earlier, the company said in a regulatory filing. Sales rose 24.7 percent on-year to 176.3 billion won, but the company continued to post an operating loss of 9.7 billion won. The company said its sales sharply improved in the first quarter as the volume of overseas payment and offline transactions grew 14 percent from a year ago to 120 billion won and its subsidiaries delivered strong performance. Kakao Pay's financial investment unit saw its clients' deposit assets soar 80 percent on-year to 2.7 trillion won, and its insurance unit also attracted accumulated subscribers of over 1 million for its travelers' insurance. But operating expenses increased 20 percent in the first quarter from a year earlier due to an expansion of its financial services, Kakao Pay explained. Source: Yonhap News Agency