KT’s net profit slumps amid LTE network rollout costs and increased marketing expenses

South Korea’s KT Corp has revealed a more than 40% plunge in net profit in the second quarter of 2012 amid higher marketing expenses and increased costs associated with the rollout of its Long Term Evolution (LTE) network. For the three months ended 30 June 2012 the company posted a net income of KRW238 million (USD209 million), down 41.6% from the KRW420.6 million it recorded in the same period a year earlier. Operating revenue meanwhile rose by 8.1% year-on-year to KRW5.77 trillion, with turnover from wireless and wireline services accounting for KRW1.74 trillion and KRW1.61 trillion respectively.

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OVETEL KT’s net profit slumps amid LTE network rollout costs and increased marketing expenses