(LEAD) KT's Q3 net nearly doubles on stable local currency

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By Lee Youkyung
SEOUL, Nov. 3 (Yonhap) -- KT Corp., South Korea's largest fixed-line telephone
operator and second-largest mobile carrier, said Tuesday its third-quarter net
profit rose 80 percent from a year earlier as a stable local currency helped cut
foreign-exchange losses.

Net income reached 351.4 billion won (US$298.3 million) in the July-September
period, compared with 195.3 billion won a year earlier, the company said in a
regulatory filing.
KT absorbed its mobile affiliate KTF Co. in June and the figures were calculated
on the assumption that the two companies became a single entity on Jan. 1, 2008,
KT said.
Sales rose 3.9 percent on year to 4.82 trillion won while operating profit
declined 11.7 percent to 413.1 billion won, it said.
Shares of KT were trading at 38,800 won on the Seoul bourse as of 9:55 a.m., up
0.26 percent from Monday's close.
KT said the rise in its on-year revenue stemmed from increased sales of mobile
and Internet phone services.
The number of its mobile service subscribers reached 14.9 million in the third
quarter, up 4.5 percent from 14.25 million a year earlier. Subscribers of KTs
Internet phone service, part of its fixed-line business, nearly quadrupled on
year to 1.26 million.
But increased competition from local rival SK Telecom Co. pushed up KTs marketing
fees, weighing down on operating profits.
KT said its accumulated net income stood at 1.53 trillion won as of the end of
September, predicting 2,000 won in cash dividends per share if the foreign
exchange rate stays at the current level.
ylee@yna.co.kr
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