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Pantech & Curitel sustains setback

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July 31,2006
Korea’s third-largest mobile phone maker, Pantech & Curitel Communications Inc., said yesterday that its second-quarter net loss increased from a year earlier, affected by sluggish sale of its handsets at home and abroad. Net loss amounted to 31.9 billion won ($33.4 million) in the April-June period, larger than the previous year’s 4.1 billion won loss, the company said in a regulatory filing. The company reported 2.7 billion won in net profit for the January-March period. Sales plunged 34.6 percent to 292 billion won from a year earlier, while operating profit slid 11.4 percent to 2 billion won. The earnings report was unveiled after the local stock market closed. Shares of Pantech & Curitel ended at 970 won, unchanged from the previous session.


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