Hanaro reports record revenues in 2007

South Korean broadband provider Hanarotelecom has reported an 8.4% increase in annual revenues in 2007 to KRW1.868 trillion (USD1.97 billion), on the back of strong revenue growth from its voice, TV and corporate data services. Operating income for the year jumped to KRW80.9 billion from KRW30.8 billion, while net income was KRW7.2 billion compared to a loss of KRW86 billion in 2006. Hanarotelecom is in the process of being acquired by SK Telecom, which earlier this week received conditional approval from the nation’s antitrust regulator for its KRW1.09 trillion (USD1.2 billion) purchase of a 39% stake in the company.