KT reports first-quarter profit jump of 4.3 percent

KT, Korea’s second-largest mobile carrier, said Friday that its first-quarter net profit advanced 4.3 percent year on year.

Net profit was 224.3 billion won ($197 million) in the first three months of the year compared to a profit of 215.1 billion posted a year earlier.

Sales came to 5.6 trillion won, up 1.8 percent over the cited period. Operating profit advanced 8.3 percent year on year to reach 417 billion won. The operating profit was roughly in line with the market’s estimate of 407 billion won, compiled by Yonhap Infomax, the financial arm of Yonhap News Agency, on 14 brokerage houses.

KT said its mobile network business posted sales of 1.7 trillion won, down 3.1 percent from a year earlier, due to changes in its accounting standards. The company said the number of its subscribers reached 19.2 million, up 342,000 from the previous quarter.

Sales in its fixed-line business decreased 1.9 percent year on year to 1.2 trillion won, with those for its media and content business advancing 16.6 percent over the cited period to reach 519.7 billion won.

KT’s financial business advanced 3 percent in terms of sales to reach 847 billion won between January and March.

YONHAP