KT’s profit jumps on robust sales

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KT’s profit jumps on robust sales

Korean telecom giant KT’s operating profit jumped 11.4 percent year on year in 2016, thanks to reduced costs and a solid rise in revenue from both wireless and fixed-line Internet service, the company said Wednesday.

KT reported an operating profit of 1.44 trillion won ($1.25 billion), compared to 1.2 trillion won posted a year earlier, the company said in a regulatory filing.

Last year marked the biggest operating performance since 2011 when the company posted 1.73 trillion won and the second year in a row that the company had an annual operating profit above 1 trillion won.

Net profit also surged 26.4 percent on-year to 797.8 billion won last year and sales increased 2.1 percent year on year to 22.7 trillion won, the company said.

Last year, KT posted sales of 7.41 trillion won in its mobile network business, up 0.6 percent.

Noticeably, its fixed-line business posted sales of 6.65 trillion won, up 2.1 percent from a year earlier, on the back of a rise in the number of long-term evolution (LTE) network users.

The company’s media and contents business posted sales of 1.92 trillion won, soaring 15.8 percent due to its efforts to release more HD content. Sales from financial businesses inched up 0.5 percent year on year to 3.42 trillion won on the back of strong performances from card unit BC Card Co.

For the fourth quarter, sales were 6.21 trillion won, up 1 percent from a year earlier, while operating profit fell 15.3 percent to 226.3 billion won.

“The company will make efforts to achieve the higher goal by trying new future-oriented businesses with a different point of a view,” said KT CFO Shin Gwang-seok.

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