Nexth swung to a profit in net income in the second quarter this year after reflecting a one-off gain from the acquisition of OneStore. The company plans to expand its artificial intelligence (AI) and blockchain-based platform ecosystem in the second half.

According to Nexth's preliminary consolidated results under Korean International Financial Reporting Standards (K-IFRS) disclosed on Monday, second-quarter revenue fell 37.8 percent from a year earlier to 5.8 billion won. The company posted an operating loss of 5.3 billion won, turning to a loss.

Net profit, however, came to 8.1 billion won, returning to the black. The result reflected a one-off gain of 15.7 billion won generated when it acquired 89.03 percent of OneStore for 62.6 billion won on June 29. Revenue for the first half rose 9.4 percent from a year earlier to 17.4 billion won, and net profit was 5.0 billion won.

During the second quarter, Nexth reorganised the entire ecosystem under the 'ONE' brand, including the mainnet ONEchain, the native token ONE ($ONE) and the common means of transaction ONEUSD ($ONEUSD). Through the ONEchain 2.0 upgrade, in which the company directly participates in network operations as a validator, it secured a rising trend in platform revenue.

It also plans to create an 'AI Games' tab within OneStore in August and to embed the 'ONEpocket' wallet in the OneStore application in mid-August. By the end of this month, it plans to simultaneously launch a global OneStore in 124 countries through OneBuild to roll out its platform business in earnest.

It will also pursue content and community integration in parallel. In cooperation with Tencent, it will sequentially introduce 'Dallyeoyasanda', 'Singijeonseol' and 'Oh! Yangiwasseo' on the mini-game platform 'ONEplay'.

It also plans to integrate and operate Telegram, wallet and web-based participatory promotion 'ONEquest' and streamer platform 'ONEwave' within OneStore. As of July, the number of streamers affiliated with the ONE ecosystem was tallied at 33,419.

Chief executive Hyun-kuk Jang (장현국) said, "In the second quarter, we achieved a large increase in net profit due to the OneStore acquisition." He added, "From the third quarter, we will be able to confirm the effects of revenue growth and improved operating profit."