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KT Corp. cuts costs, posts healthy profit

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Aug 03,2006
KT Corp., Korea’s largest provider of Internet access and fixed-line phone calls, reported its largest profit increase in six quarters after cost cuts. Net income rose to 343 billion won ($355 million) in the second quarter, from 224 billion won a year earlier, when KT booked a 116 billion won charge for a price-fixing fine, the Seongnam, Korea-based company said yesterday. Revenue fell 1.2 percent to 3 trillion won. Chief Executive Officer Nam Joong-soo, 51, has delivered earnings growth for two straight quarters by reining in expenses. KT relies on cost cuts to boost profit because its existing businesses compete in saturated markets. It is seeking to revive sales by investing in new technologies such as wireless broadband Internet access.


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