SK’s profits down 74% after spending on LTE investments

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SK’s profits down 74% after spending on LTE investments

SK Telecom, the country’s top mobile carrier, said yesterday its net profit tumbled 74 percent in the second quarter from a year earlier due mainly to mobile tariff cuts and increased expenses.

Net profit reached 120.6 billion won ($106.7 million) in the April-June period, shrinking from a profit of 465.4 billion won a year earlier, the company said in a regulatory filing. Overall sales slipped 0.6 percent on-year to 4 trillion won over the cited period, while operating profit slumped 42.8 percent to 384.6 billion won.

Yonhap

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