KT posts 516.5 bln won net profit in 2009

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SEOUL, Jan. 29 (Yonhap) -- KT Corp., South Korea's top fixed-line operator and
No. 2 mobile carrier, said Friday that its net profit rose 14.8 percent in 2009
from a year earlier.
Net profit reached 516.5 billion won (US$448.6 million) for all of 2009, compared
with 449.8 billion won a year ago, KT said in a regulatory filing.
Sales rose 35 percent on-year to 15.9 trillion won over the cited period, while
operating profit came to 611.6 billion won, the company said.
Operating profit plunged 45 percent from a year ago, due to an increase in its
personnel expenditure, the company said. KT went through a 16-percent job cut at
the end of 2009.
KT's original target for the operating profit was 2 trillion won. In April last
year, KT CEO Lee Suk-chae said the company was aiming for a 30 percent rise in
operating income for all of 2009.
For the fourth quarter, KT swung to a net loss of 430 billion won due to
increased costs, KT said.
Sales rose 65.1 percent on-year to 4.75 trillion won over the cited period, while
operating loss stood at 549.5 billion won, the company said.
ygkim@yna.co.kr
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