Mercari's Net Loss Expands to 13.7 B Yen

Economy

Tokyo, Aug. 9 (Jiji Press)--Online flea market operator Mercari Inc. <4385> has said its consolidated net loss expanded to 13.7 billion yen in the year through June from the previous year's 7 billion yen, bleeding red ink for the seventh straight year since its founding in 2013.

The result reflects an expansion in investment costs for its Merpay cashless payment service, which was launched in February, and for its business operations in the United States, according to the company's earnings report released on Thursday.

But sales soared 44.5 pct to 51.6 billion yen, reflecting a brisk performance of its domestic business, which has attracted 13.5 million users so far.

Shintaro Yamada, founder and chief executive offer, told a press conference, "What we aim for is not short-term profits, but substantial growth in the medium to long term."

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