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Business News & Technology News > Apr 2008
 
 

SK Telecom 1Q08 Net Income Down 3% despite Revenue Growth

(Business News & Technology News, 24 Apr 2008)


By Stephen Las Marias, Editor


SK Telecom, South Korea's leading mobile carrier, posted a net income of 382.9 billion won ($384.34 million at $1=KRW996.254), down 3.4 percent year-on-year, despite a 4.6 percent increase in revenue to $2.847 billion backed by continued subscriber growth.

However, revenue was down 2.7 percent sequentially due to the company's T-to-T Calling Plan released in October last year and 30 percent reduction in phone-mail tariff earlier this year. Operating income was $556 million, also down 16.3 percent compared with the same period last year.

With the lowered phone-mail tariff and the release of the "ting" Control Rate, SK's capped mobile plan for teenagers, the company's wireless Internet revenue declined to $599.5 million, down by 11.8 percent on-year and 17.3 percent sequentially.

Marketing expenses, which accounted for 27 percent of the total revenue, increased 30.7 percent year-on-year to $769.68 million as competition in the WCDMA market intensifies. However, the company says this is 10.2 percent less from the marketing expenses in the previous quarter.

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