SK Telecom logs a net profit of 245.6 billion won for Q3, down 66.7% on year

SK Telecom logged a net profit of 245.6 billion won ($179.6 million) for the third quarter, down 66.7 percent on year and below the expectation of 280.7 billion won compiled by FnGuide.

The steep fall is due to the SK Square spin-off last year, as equity contributions from SK hynix have been excluded in the earnings.

Sales rose 3 percent to 4.34 trillion won, missing analyst forecast of 4.37 trillion won.

Operating profit increased 18.5 percent to 465.6 billion won. The figure beat the market expectation of 453.2 billion won.

SK Telecom recently declared its new vision to become “the leading artificial intelligence (AI) company in Korea,” outlining its key strategies with a focus on digital service businesses.

“Based on our leadership in the telecom business, we are making achievements in new growth businesses such as media and enterprise-related services,” said SK Telecom Chief Financial Officer Kim Jin-won.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]