KT Q3 net up 47% on 5G growth

This undated image, provided by KT Corp., shows its logo. (KT Corp.)

KT Corp., a South Korean telecommunications giant, said on Tuesday that its third-quarter net profit was up 46.9% year-over-year, thanks to strong growth in the number of 5G network subscribers as well as its multimedia content activities.

Net profit for the July-September period was 337.7 billion won ($ 286.7 million) on a consolidated basis, compared to net profit of 229.9 billion won the previous year, according to a press release from the company.

Operating income reached 382.4 billion won, up 30% from the cited period, while revenue increased 3.6% to 6.21 trillion won.

The telecommunications giant cited broad growth in all of its activities for improving its results.

KT’s wireless service revenue grew 3% year-on-year to 1.79 trillion won in the third quarter thanks to the increase in 5G subscribers.

At the end of September, KT’s 5G subscriptions stood at around 5.6 million, up from 5 million in the previous quarter.

The telecommunications operator added that its artificial intelligence and digital transformation division, which includes its internet data center business, saw solid growth, with sales up 29.7% year-on-year to reach 161.2 billion won over the July-September period.

Revenues from KT’s content subsidiaries, which include KT Studio Genie focused on media production and video streaming platform Seezn, rose 24.6 percent to 241.6 billion won in the same. period.

The sales of its real estate subsidiary KT Estate Ltd. Also jumped 46.1 percent to 111.3 billion won in the same period. (Yonhap)

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