April 20, 2024

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[THE INVESTOR] South Korean network operator KT said in a preliminary regulatory filing that its operating profit in the third quarter was 401.6 billion won ($350.66 million), up 17 percent from a year earlier.

Its revenue came in at 5.53 trillion won, up 0.7 percent compared to the July-September period last year.

By breakdown, the firm’s wireless network business saw its revenue increase 2.2 percent during the third quarter to 1.88 trillion won while its landline network segment, which embraces the high-speed internet business, suffered a 2.3 percent drop in operating profit to 1.26 trillion won.

Among its 18.7 million mobile subscribers, those using the Long-Term Evolution network service accounted for 74.5 percent.

The number of subscribers for GiGA Internet, KT’s marquee internet service, surpassed 2 million, earlier than previously expected.

The network firm’s media content business segment saw its revenue improve 15.3 percent on-year to 494.6 billion won thanks to the increased sales of its IPTV service while KT’s finance business, which includes the firm’s subsidiary BC Card, logged 866.4 billion won in sales, up 3.7 percent on-year.

Affected by the termination of Samsung Electronics’ Galaxy Note 7, the sales of smartphones dropped 17.8 percent year-on-year, the company said.

“KT was able to achieve stable growth in the third quarter this year by improving the business portfolio and cost efficiency,” said Shin Kwang-seok, KT’s chief financial officer, adding the company will try to continue growth momentum by nurturing new businesses such as Internet of Things. 

By Kim Young-won (wone0102@heraldcorp.com)