KT reports 60% fall in net profit in 1Q

KT Corp has reported its fifth consecutive fall in quarterly profit, with net profit declining by 60.2% to KRW154.1 billion (USD155 million), from KRW387.3 billion a year earlier. During the period KT stepped up promotions and discounts for new services such as IPTV and wireless broadband connections, as profit growth slows in a market where nine out of 10 homes already have broadband access. Sales fell 0.2% to KRW2.97 trillion. Subscribers for KT’s internet-based MegaTV service rose 75% to 567,230, a figure the company hopes to increase to 1.5 million by the end of the year. In total, the company claimed 6.63 million broadband customers at the end of March, giving it a market share of around 44.3%.