SK Telecom reports falling profits in Q4
SK Telecom Co., Korea’s largest cellphone operator, posted its third straight drop in quarterly profit after the company paid higher fees to use rivals’ networks and sales stalled as competitors won market share. Fourth-quarter net income fell 20 percent to 348 billion won ($337 million), from 433 billion won a year earlier, SK Telecom said in a regulatory filing yesterday. Operating profit fell 14 percent to 594 billion won from 693 billion won and sales rose 0.2 percent to 2.5 trillion won, the company said. SK Telecom’s full-year profit fell for the first time since at least 1997 after the company boosted marketing expenses 18 percent to retain customers in a country where three out of four people already own a cellphone.
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)