KT Corporation : KT Corp 3Q Net Profit up 46% on Stronger Performance at Affiliates
11/04/2012| 07:48pm US/Eastern
By Jung-Ah Lee
SEOUL--KT Corp. (KT) said Monday third-quarter net profit rose 46% mainly because of stronger performances at its non-telecoms affiliates and in spite of increased network-upgrade spending and marketing costs for the faster service.
KT, South Korea's largest fixed-line operator and second-largest mobile carrier by subscribers after SK Telecom Co., posted a net profit of 372.3 billion won (US$341 million) for the three months ended Sept. 30, down from KRW256 billion a year earlier.
The result was better than the KRW207.5 billion average forecast of six analysts polled by Dow Jones Newswires.
Operating profit rose 4.3% to KRW538.8 billion from KRW516.4 billion while sales rose 30.6% to KRW6.519 trillion from KRW4.992 trillion.
South Korean mobile operators have seen their profit squeezed over the past year, largely because of spending on ultra-fast network technology nationwide and to attract subscribers to the new service.
Write to Jung-Ah Lee at email@example.com
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