Profit slows for KT Corp

Fixed line operator KT Corp has posted a drop in profit for three months to the end of June, its fifth consecutive quarterly fall. Net income stood at KRW223 billion (USD192 million), down 22% on the year ago period, while operating profit fell 2.1% to KRW599 billion. Sales rose by 2.9% to KRW3 trillion The operator attributed the fall to poor demand for internet access and fixed line services, as more and more users switch to wireless alternatives.