KT Q2 Net Profit Down 43%

Korea's KT KT reported a 43% drop in its second-quarter net profit. KT's quarterly net profit declined to KRW238 billion (US$209 million), versus KRW420.6 billion, in the year-ago period. However, analysts were expecting a net profit of KRW210 billion. Its operating profit fell 14% to KRW371.7 billion versus KRW432.4 billion, while sales climbed 8.1% to KRW5.773 trillion versus KRW5.343 trillion. KT lifted its annual capital investment forecast to KRW3.8 trillion this year, versus KRW3.5 trillion. KT shares closed at $13.98 yesterday.