KT Corp 2007 profit falls 22%

KT Corp, South Korea’s largest fixed line operator, has revealed that net profit fell 22% to KRW967.5 billion (USD1.02 billion) in 2007 as a result of increased marketing costs. However, the company predicts a return to growth in profits, and record revenue, in 2008 as more subscribers sign up for web-based television and wireless broadband services. Earlier in the week, KT forecast record revenue of more than KRW12,000 billion in 2008 and operating profit of KRW1,500 billion.