KT Corp.’s headquarters building in central Seoul is shown in this file photo taken on July 2, 2020. (Yonhap)
SEOUL, May 12 (Korea Bizwire) — KT Corp., South Korea’s No. 2 telecom operator, said Thursday its first quarter net profit increased 39.5 percent thanks to strong performances across its media, mobile commerce and enterprise products.
The company said in a regulatory filing that its net profit for the January-March period stood at 455.4 billion won (US$172.5 million), compared with 326.5 billion won from a year ago.
Operating profit climbed 41.4 percent to 626.6 billion won, and sales rose 4.1 percent to 6.27 trillion won.
The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 360.4 billion won, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
The company attributed the on-year net profit growth to overall strong performances across its businesses, especially of its internet protocol IPTV and other media services, and mobile ID authentication and commerce products.
KT also cited the growth of sales in its enterprise internet services, which rose 7.1 percent, and corporate telephone services, which increased 14.3 percent.
Its content business sales also soared 35.5 percent thanks to the acquisitions of e-book company Millie’s Library and broadcasting program provider Media Genie.
KT said it is seeking initial public offerings of Millie’s Library and K-Bank, its internet-only banking unit, in the future.
(Yonhap)
