KT logs net profit of 309.6 billion won in Q1, down 32% on year

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KT logs net profit of 309.6 billion won in Q1, down 32% on year

Published: 11 May. 2023, 11:57 Updated: 11 May. 2023, 16:16

KT logo shown at its branch in Seoul [YONHAP]

KT logged a net profit of 309.6 billion won ($234.2 million), down 32 percent on year, for the first quarter.

The figure missed the market expectation of 437.1 billion won compiled by FnGuide.

Sales came in at 6.44 trillion won, up 2.6 percent on year and slightly above the analyst forecast of 6.439 trillion won.

Operating profit declined 22.4 percent to 486.1 billion won, missing the forecast of 499.6 billion won.

KT cited the base effect from one-off earnings from the first quarter last year for the decline in operating profit.

BY SHIN HA-NEE [[email protected]]