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Biz News Korea(Eng)
KT Q4 OP dips, reports best performance in five yrs for full 2016
- Collected
- 2017.02.01
- Distributed
- 2017.02.02
- Source
- Go Direct
According to its regulatory filing released Wednesday, the telecom company said its operating profit in the fourth quarter ended December slipped 15.3 percent to 226.3 billion won ($196 billion) citing spike in on-time expenses from wage negotiations. Revenue gained 1.0 percent to 6.02 trillion won.
For full 2016, operating profit jumped 11.4 percent on year to 1.44 trillion won on a consolidated basis - largest since 1.74 trillion won in 2011. Revenue increased 2.1 percent on year to 22.7 trillion won thanks to brisk performance in wireless, Internet and Internet protocol television (IPTV) businesses.
Revenue from wireless division reached 7.42 trillion won, up 0.6 percent from 2015. Revenue from its GiGA Internet service gained 11.4 percent as subscribers to its service reached 25 million to account for 28.5 percent of total high-speed Internet subscribers.
The company`s media and contents business posted sales of 1.92 trillion won, up 15.8 percent on year. IPTV drew 1 trillion won in sales with subscribers topping 7 million.
Sales from financial businesses inched up 0.5 percent on year to 3.42 trillion won on the back of strong performances from its card unit BC Card Co. Sales from other units recorded 2.17 trillion won in sales, up 13.6 percent from a year ago, on increased sales in its real estate and other subsidiaries. KT’s subsidiaries contributed to a quarter of its 2016 operating profit.
Shares of KT Corp. closed Wednesday at 29,450 won, up 0.17 percent or 50 won from the previous session.
By Kim Gyu-sik
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]