KTF profits surge up by 92% year-on-year for 4Q 2008

January 28, 2009 at 17:27 Leave a comment

South Korean mobile operator KT Freetel Corp (KFT) has reported its financial results for the three months ended 31 December 2008, reporting its largest profit increase in more than three years. Net income for the three-month period rose to KRW101.9 billion (USD73.6 million), up 92% year-on-year. KTF attributed the impressive result to a lessening of promotional expenses as completion in the wireless sector eased. Revenue for the three-month period also rose, climbing 4.5% y-o-y to KRW1.53 trillion, while revenue for the full year was up 7.4% at KRW5.98 trillion. Earnings before interest, tax, depreciation and amortisation rose by 19.9% compared to the same time a year earlier. KTF has said it expects the growth in earnings to continue in 2009 as spending on handset subsidies and incentives decreases, following efforts to lock new customers into longer terms contracts. It has said that approximately 37% of its customer base is now locked into contracts. It reported customer additions of 1.46 million over the final quarter of the year, bringing its total to 14.37 million.

Wireless Industry News

Entry filed under: Asia, Financial, KTF, Mobile Network Operator, South Korea. Tags: , , , .

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