SK Telecom Q2 Net Profit Down 74%

SK Telecom Co SKM reported a 74% drop in its second-quarter net profit. SK Telecom's quarterly net profit fell to 120.6 billion won (US$106.8 million), versus KRW465.4 billion, in the year-ago period. However, analysts were expecting a net profit of KRW188 billion. Its operating profit declined 43% to KRW384.6 billion from KRW672.9 billion. Its sales dropped 0.6% to KRW4.015 trillion, versus KRW4.038 trillion. SK Telecom's overall average revenue per user dropped to KRW39,729 from KRW40,738. SK Telecom shares closed at $13.70 yesterday.