SK Telecom more than doubles fourth quarter net profit

Net profit in the October-December period surges to $477 million
AFP Mail Me
Comment E-mail Print Share
First Published: Tue, Feb 05 2013. 10 52 AM IST
The surge in net profit was partly down to revenue of more than 700 billion won from selling property and a stake in steel giant Posco.
The surge in net profit was partly down to revenue of more than 700 billion won from selling property and a stake in steel giant Posco.
Seoul: SK Telecom’s net profit more than doubled in the fourth quarter, South Korea’s top mobile operator said on Tuesday, partly as a result of one-off asset sales.
Net profit in the October-December period surged to 519.1 billion won ($477 million) compared with 195.5 billion won a year earlier.
Operating profit was up 37.6% over the same period at 544.6 billion won.
The surge in net profit was partly down to revenue of more than 700 billion won from selling property and a stake in steel giant Posco.
The extra revenue was used to help pay for the roll out of next-generation Long-Term Evolution (LTE) networks which offer quicker connection speeds.
A company statement said SK Telecom had acquired 7.53 million LTE subscribers by the end of 2012.
South Korean wireless operators have spent heavily to promote the new 4G service—up to five times faster than 3G—to accommodate a growing number of smartphone users demanding faster speeds to download videos or play games.
One of the world’s most wired countries, South Korea has more than 30 million smartphone subscribers out of a total population of some 50 million.
Comment E-mail Print Share
First Published: Tue, Feb 05 2013. 10 52 AM IST
blog comments powered by Disqus
  • Wed, Oct 15 2014. 11 40 PM
  • Wed, Oct 08 2014. 03 02 PM
Subscribe |  Contact Us  |  mint Code  |  Privacy policy  |  Terms of Use  |  Advertising  |  Mint Apps  |  About HT Media  |  Jobs
Contact Us
Copyright © 2014 HT Media All Rights Reserved