Profits slump for SKT in 3Q; KTF reports 17% net profit rise

SK Telecom, South Korea’s largest mobile operator by subscribers, has revealed a 6% fall in operating profit year-on-year for the three months ended 30 September 2008, attributing the fall to increased marketing costs and a cut in service charges. The operator reported operating profit for the quarter at KRW504.1 billion (USD354.4 million), while net profit tumbled 57% to KRW333.6 billion, the latter due to losses linked to the weak won and higher comparison base due to a one-off gain in the same period last year. Total revenues for the period were reported at KRW2.9 trillion.
By comparison, rival cellco KTF Corp’s figures for the same period were more positive, with the operator revealing a rise in net profit of 17% year-on-year to KRW73.6 billion, whilst revenues also rose for the period, up 13% to KRW2.02 trillion.