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(LEAD) KT's Q3 net up 8 pct as pandemic weighs on non-mobile biz

All News 08:20 November 06, 2020

(ATTN: RECASTS with details throughout; CHANGES headline; ADDS photo)

SEOUL, Nov. 6 (Yonhap) -- KT Corp., a major South Korean telecom operator, said Friday its net income rose 7.9 percent in the third quarter from the previous year amid slight growth in its mobile business, while the pandemic took a toll on its other businesses.

Net income reached 230.1 billion won (US$204 million), compared with a profit of 213.3 billion won the same quarter a year earlier, according to a regulatory filing.

Sales fell 3.4 percent to 6 trillion won over the cited period, while operating income stood at 292.4 billion won, down 6.4 percent over the cited period.

(LEAD) KT's Q3 net up 8 pct as pandemic weighs on non-mobile biz - 1

KT blamed its disappointing performance on the pandemic.

Its major non-telecom units saw a decrease in sales in the third quarter, with the carrier's satellite broadcasting unit KT Skylife Co. posting a 3.1 percent decline in sales to 176.6 billion won in the July-September period.

Sales in KT's real estate unit, KT estate, tumbled 39.4 percent to 76.2 billion won over the cited period.

The telecom operator's wireless business showed little growth in the quarter, with sales standing at 1.7 trillion won, up 0.9 percent from a year earlier.

KT's 5G subscribers reached 2.8 million as of the July-September period, accounting for around 20 percent of the carrier's total mobile phone subscribers.


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