KT Q3 earnings decline 11% after big spending on 5G

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KT Q3 earnings decline 11% after big spending on 5G

KT said Friday its third-quarter net profit decreased 10.9 percent from a year earlier due to increased spending for the 5G network.

The telecom operator’s net profit stood at 213.3 billion won ($184.5 million) in the July-September period, compared with 239.5 billion won a year earlier, the company said in a regulatory filing.

Operating profit fell 15.4 percent on-year to 312.5 billion won in the July-September period, while sales rose 4.5 percent to 6.2 trillion won, the firm said.

KT attributed its weak quarterly results to increased spending and marketing costs for its commercial 5G service launched in early April.

“Although the 5G service expanded overall sales, increased investment in the 5G network and marketing costs reduced operating profits,” KT said in a release.

The carrier said it had attracted about 1.06 million 5G subscribers by September and has built about 63,000 5G base stations in the country as of November.

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