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KT Corp reports an 83.6% drop in net profit in 2013

28 Jan 2014

South Korea’s KT Corp has published its financial results for the three- and twelve-month periods ending 31 December 2013, with the company revealing that revenues were roughly in line with the previous financial year. In the fourth quarter of 2013 the operator generated a total turnover of KRW6.215 trillion (USD4.35 billion), almost unchanged from the KRW6.213 trillion recorded in the same period a year earlier. Wireless revenues in 4Q13 totalled KRW1.754 trillion, up 3.0% year-on-year from KRW1.703 trillion in 4Q12, though turnover from wireline services fell by 4.9% to KRW1.473 trillion. In the full-year period, meanwhile, KT saw a 0.9% increase in wireless revenues to KRW6.977 trillion while wireline turnover fell to KRW5.965 trillion, representing a 6.7% drop from the same period in 2012.

EBITDA in 4Q13 stood at KRW771.6 billion, down from KRW888.6 billion, while in FY13 it fell by 1.0% to KRW4.440 billion. Net income for 2013 totalled KRW181.6 billion, representing a significant decline from the KRW1.105 trillion recorded in 2012, while in the last quarter of the year the operator reported a KRW300.7 billion net loss. CAPEX in 2012 meanwhile was KRW3.313 trillion, of which KRW1.294 trillion and KRW1.283 trillion was invested in the wireless and wireline sectors, respectively.

In operational terms, at the end of December 2013 KT’s wireless subscriber base rose to 16.454 million, down marginally from the 16.502 million reported a year earlier. Of the total, 7.9 million had signed up to the operator’s LTE service. Broadband access rose slightly against end-2012, with KT saying it served 8.067 million such subscribers, up from 8.037 million, while IPTV customers numbered 4.968 million, up from 4.030 million. Traditional fixed line voice accesses continued to decline, falling 5.3% to 14.513 million, though voice-over-IP (VoIP) subscribers increased by 4.7% to 3.505 million.

South Korea, KT Corp

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