Hanarotelecom hits record high revenue in Q2

Hanarotelecom Inc., Korea’s No. 2 broadband Internet operator, said yesterday it swung to a profit in the second quarter of this year because of an increase in Internet customers and improved sales in other key businesses.
Net income amounted to 2.1 billion won ($2.2 million) in the three months to June, compared with a loss of 16.2 billion won a year earlier, the company said in a regulatory filing.
Sales grew 7.7 percent year-on-year to a quarterly high of 461.7 billion won, and operating profit more than doubled to 19.4 billion won from the 7.5 billion won recorded a year earlier, it added.
On better-than-expected earnings results, hanarotelecom shares jumped 2.7 percent to 8,250 won yesterday in Seoul.
“We were able to achieve the record-high quarterly revenues and a positive net income in the second quarter thanks to a stable growth in our core businesses and a remarkable revenue increase in new growth engines such as hanaTV and corporate business,” hanarotelecom CFO Janice Lee said.
Hanarotelecom said it added 32,000 customers to its broadband Internet service during the three-month period, bringing its total subscription number to 3.7 million as of the end of June, while attracting an additional 66,000 users to its voice telephony service, raising its customer base to 1.9 million.
The company also reported that the number of subscribers to hanaTV, an Internet-based VOD-type TV service, exceeded 500,000. Yonhap