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KT’s Q3 Profit Soars – Analyst Blog
Zacks Market Commentaries (November 4th, 2009) Writes:
South Korea’s largest fixed-line carrier, KT Corp. (KTC), announced third quarter results with reported net income increasing 80% year over year to KRW351.4 billion (US$285 million) or KRW1,497 per share (70 cents per ADS). The annualized growth was driven by gains from wireless and a stronger Korean won versus the US dollar, which helped reduce the cost for foreign currency debt.
Revenues for the quarter increased 3.9% year over year to KRW4.82 triillion (US$1.97 billion), driven by growth in wireless data and subscriber base. However, operating profit declined 11.7% year over year to KRW413.1 billion (US$335 million) due to increase in depreciation and amortisation costs and higher marketing expenses resulting from intense competiion.
KT is battling with its Korean peers SK Telecom (SKM) and LG Dacom to win new customers in a highly matured domestic wireless market, represented by approximately 96% mobile penetration.
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