Hanaro posts USD32.6 million loss for Q2

Hanaro Telecom has posted a net loss for the second quarter of 2005 of KRW33.1 billion (USD32.6 million), compared with a profit of KRW15.2 billion (USD15.2 million) a year earlier. The company posted an operating loss of KRW3.4 billion for the quarter, down from a JPY40.6 billion (USD40 million) profit a year ago, while sales fell by 2.6% to KRW353 million. Hanaro attributed the results to higher marketing spending and stiff competition in the market.