Hanaro Telecom reports further losses in 2Q

Korean broadband and fixed line operator Hanaro Telecom has announced results for the three month period ended 30 June 2008, reporting a KWR10.5 billion (USD 10.34 million) net loss for the period; the operator attributed the loss to an increase in operational spending. This is the second quarter that the telco has reported losses; results for 1Q 2008 showed a KWR6.2 billion loss. Hanaro claimed that the suspension of telemarketing activities had lead to a fall in broadband and voice revenues, although revenues of leased line services maintained a steady increase, and as a result total revenues increased 3.6% year-on-year to KWR478.5 billion. Earnings before interest, tax, depreciation and amortisation (EBITDA) were also down, dropping 13% from the same period last year to KWR124.9 billion.