On Tuesday, South Korean telecommunications company KT Corp. disclosed that its third quarter net income dropped 11.6 percent year-on-year to 288.3 billion won (US$220.8 million).
The firm’s operating profit amounted to 321.9 billion won for the quarter, compared with 452.9 billion won in the same period of the previous year. On the other hand, sales rose 3.4 percent to 6.69 trillion won.
The earnings exceeded market predictions. According to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency, the average estimate of net profit was 271.1 billion won.