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South Korea’s telecom giant KT Corp. said Friday that its first-quarter net profit dropped 23.3 percent from a year earlier on increased costs and a slowdown in the fixed-line telephony business.
Net profit stood at 215.14 billion won ($189.2 million) in the January-March period on a consolidated basis, down from the previous year’s 280.59 billion won, the company said in a regulatory filing.
Operating profit, however, rose 22.8 percent on-year to 385.13 billion won, and revenue grew 2.2 percent to 5.52 trillion won.
(khnews@heraldcorp.com)
