'5G First Year' KT Reports 8.8% Decrease in Operating Profit Last Year (2nd Report)
[Asia Economy Reporter Seulgina Jo] KT announced on the 6th that it recorded sales of 24.342 trillion KRW and an operating profit of 1.151 trillion KRW in 2019 (consolidated basis), the inaugural year of 5G commercialization.
Sales increased by 3.8% year-on-year due to growth in wired and wireless communication businesses including 5G and media business, but operating profit decreased by 8.8%. This is interpreted as a result of increased costs such as 5G network investment and marketing.
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Fourth quarter sales recorded 6.1955 trillion KRW, up 3.4% year-on-year. Operating profit for the same period was 148.2 billion KRW, an increase of 54.8%. However, this was due to the impact of the Ahyeon exchange fire reflected in the fourth quarter of last year. Compared to the previous quarter, it decreased by 52.5%. Fourth quarter net profit turned to a deficit.
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