Seoul: KT Corp., South Korea's No. 2 mobile carrier, announced a significant financial turnaround in its fourth-quarter earnings report. The company posted a net profit of 91.5 billion won (US$62.7 million), a remarkable shift from a loss of 769.6 billion won reported in the same period the previous year.
According to Yonhap News Agency, KT Corp.'s operating income for the October-December period was 227.3 billion won, a stark contrast to the loss of 655.1 billion won recorded a year earlier. The company's sales saw a healthy increase of 4.1 percent, reaching 6.84 trillion won.
The reported earnings surpassed market expectations significantly. Analysts had projected an average net profit of 3.1 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.