KT Q3 Operating Profit 292.4 Billion KRW, Down 6.4% YoY (Update)

[Asia Economy Reporter Koo Chae-eun] KT announced on the 6th that its consolidated operating profit for the third quarter of this year was 292.4 billion KRW, down 6.4% compared to the same period last year.

Revenue was 6.0012 trillion KRW, a 3.4% decrease compared to the same period last year, while net profit increased by 7.9% to 230.1 billion KRW. Although total sales for this quarter decreased compared to the same period last year due to reduced device and group company sales caused by COVID-19, service revenue grew by 0.8% year-on-year thanks to growth in wireless, IPTV, and artificial intelligence (AI) B2B businesses.

Operating profit declined by 6.4% year-on-year due to increased labor costs following the settlement of wage negotiations. KT's standalone operating profit for the third quarter increased by 4.6%.

Some group companies' sales were affected by the novel coronavirus (COVID-19). BC Card's sales decreased by 0.6% year-on-year due to reduced travel and consumption, and Estate, which operates hotel businesses, saw sales drop by 39.4% compared to the same period last year. Content subsidiaries' sales increased by 8.6%, driven by strong performance in T-commerce and advertising businesses.

This content was produced with the assistance of AI translation services.