"One-time Costs from HCN Acquisition" KT Skylife Q3 Operating Profit 8.4 Billion KRW... Down 29.8% YoY

[Asia Economy Reporter Eunmo Koo] KT Skylife announced on the 9th through a disclosure that its operating profit based on separate financial statements for the third quarter was 8.4 billion KRW, a 29.8% decrease compared to the same period last year. During the same period, sales increased by 0.2% to 167.2 billion KRW, while net profit decreased by 41.3% to 9.3 billion KRW.

A KT Skylife official explained, "Operating profit and net profit decreased due to one-time advisory fee payments related to the HCN acquisition completed on September 30, expanded TV advertising for TPS products, an increase in mobile subscribers, and payments to the Broadcasting Development Fund."

skyTPS (skyTV, Internet, Mobile) subscribers have increased for three consecutive quarters this year. KT Skylife stated that the number of skyTPS subscribers in the third quarter recovered to 4.27 million, the same level as the third quarter of last year, with an increase of 10,000 subscribers each quarter since the first quarter of this year. Among internet subscribers, the DPS bundling rate with broadcasting was 97.3%, and the bundling rate of mobile and TV subscriptions was 13.8%.

SkylifeTV, a subsidiary of KT Skylife, surpassed 10 billion KRW in cumulative operating profit for the third quarter this year due to the success of original content and growth in advertising revenue. SkylifeTV's operating profit based on separate financial statements for the third quarter was 3.7 billion KRW, a 116.1% increase compared to the same period last year. Sales increased by 8.4% to 15.6 billion KRW, and net profit also grew by 104% to 2.5 billion KRW.

KT Skylife explained that following the hit show "Steel Troops" in the first half of the year, the recent rise in viewership of "I Am Solo" is solidifying its position as an original content provider. Advertising revenue also set a new quarterly record with 9.42 billion KRW, following 9 billion KRW in the previous quarter.

Yang Chunsik, Head of Management Planning at KT Skylife, said, “Although the net increase in skyTPS subscribers continues, we will not be satisfied with this and plan to strengthen reasonable TPS products and service quality from the customer's perspective.” He added, “With the successful completion of the HCN acquisition, we will pursue performance improvement through expanded synergy between the two companies, and SkylifeTV will continue to invest to establish itself as a successful original content provider in the content market.”

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