April 24, 2024

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[THE INVESTOR] Korea’s No. 2 mobile carrier KT on Nov. 1 reported weaker-than-expected third-quarter earnings.

Operating profit came to 377.3 billion won (US$337.40 million) for the July-September period, compared with a profit of 401.6 billion won for the same quarter last year, the company said in a regulatory filing. This represents a 6.1 percent on-year fall.

Third-quarter net income also plunged 13.6 percent on-year to 200.2 billion won while sales came to 5.82 trillion won, up 5.4 percent over the cited period.

The figures hovered below the market median. Local brokerages had predicted the No. 2 player‘s revenue at 5.7 trillion won, with its operating income estimated at 390 billion won during the third quarter.

Sales at its wireless business decreased 3.6 percent on-year to 1.81 trillion won due to changes in its accounting standards.

The company said sales at its fixed-line business also decreased 2.9 percent on-year to 1.21 trillion won.

KT said its media and content business, meanwhile, posted sales of 5.72 trillion won, sharply up 15.8 percent from a year earlier.

By Alex Lee and newswires (alexlee@heraldcorp.com)