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(2nd LD) SK Telecom's Q3 net up over 40 pct on media biz growth, equity gains

All News 10:46 November 05, 2020

(ATTN: ADDS more details in paras 4, 10-12)

SEOUL, Nov. 5 (Yonhap) -- SK Telecom Co., South Korea's largest mobile carrier, said Thursday its net income rose more than 40 percent in the third quarter from a year earlier on the back of robust growth in its media business.

The telecom operator's net income stood at 395.7 billion won (US$350.5 million) in the July-September period, up 44.2 percent from 274.4 billion won the previous year, according to a regulatory filing.

Operating income reached 361.5 billion won, up 19.7 percent over the cited period, while sales rose 3.7 percent to 4.7 trillion won.

This undated file photo shows a sign of SK Telecom Co.'s logo at the company headquarters in central Seoul. (Yonhap)

SK Telecom said its media business through its internet protocol TV subsidiary SK Broadband Co. saw robust growth in the third quarter as sales stood at 966.8 billion won, up 20.3 percent from the previous year.

The mobile carrier said its mobile network business also continued to grow, with sales reaching 2.94 trillion won, up 1 percent from a year earlier, thanks to a pickup in 5G subscribers despite its move to end 2G services.

The carrier said it had 4.26 million 5G subscriptions as of end of the third quarter, up 27.3 percent from the previous quarter.

SK Telecom said a strong performance from its chipmaking affiliate SK hynix Inc. also boosted its bottom line.

Equity gains totaled 265.9 billion won in the third quarter, compared with 121.3 billion won a year earlier, according to the company.

SK Telecom holds a 20 percent stake in the memory chipmaker, which reported Wednesday that net income more than doubled in the third quarter on-year.

The carrier said its non-telecom businesses saw strong growth in the third quarter as the company seeks to move beyond its traditional focus in network-related businesses.

SK Telecom's security units ADT Caps and SK infosec reported combined sales of 353.3 billion won in the July-September period, up 15.5 percent from the previous year.

Its commerce business, which include home shopping firm SK stoa Co. and e-commerce company 11Street Co., saw total sales reach 206.6 billion won, rising 18.7 percent over the same period.


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