KTF 2003 profit off 23%

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KTF 2003 profit off 23%

KTF, the cell phone service provider, said yesterday that net profit tumbled by 23 percent in 2003, to 407 billion won ($346 million). Revenues also dipped, by 5 percent, to 5 trillion won. The company cut call rates in January 2003 and reduced the charges on caller ID services in the fourth quarter. Those cuts contributed to the weaker performance, the company said. “We expect our revenues to grow this year because subscribers will increase, thanks to the introduction of number portability system and the third-generation mobile phone services,” a company official said. But those new services have met consumer resistance because of high handset prices and limited service areas.
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