Quarterly Profits at SK Telecom Halved
Published on: 28th Jan 2014
By: Ian Mansfield
South Korea's SK Telecom has reported a modest rise in quarterly revenues but its profits halved.
Net profit came in at KRW293.6 billion (USD272 million) in the October-December quarter, compared with KRW519 billion a year ago
Revenue rose 3.3 percent on-year to KRW4.2 trillion.
The company said that "expanded revenue-decreasing factors brought by the company's year-round efforts to alleviate customers' cost burden" -- or tariff cuts to the rest of us, it's revenue increased by 2.9% year-on-year backed by sales of LTE services and the enterprise solution business.
SK Telecom said that it ended the year with 13.5 million LTE subscribers, which accounts for around 50% of its total mobile subscriber base.
SK Telecom's Chief Financial Officer Hwang Soo-cheol said, "In 2013, SK Telecom was able to lead the market towards a service/product-oriented competition, while securing a solid foundation for new growth businesses."
For the full year, profit jumped, although that was boosted by a one-off gain from the revaluation of its SK Hynix subsidiary.