Seoul: KT and G Corp. on Thursday reported its first-quarter net income of 257.9 billion won (US$184.4 million), marking a 9.7 percent decrease from the same period last year. This decrease in net profit comes despite an increase in operating income and sales during the same period.
According to Yonhap News Agency, KT and G's operating income for the January-March period was 285.6 billion won, which represents a 20.7 percent increase from a year ago. The company's sales also saw a significant rise, increasing by 15.4 percent to reach 1.49 trillion won.
The company's earnings did not meet market expectations, as the average net profit estimate by analysts was 261.3 billion won. This estimate was based on a survey conducted by Yonhap Infomax, the financial data firm associated with Yonhap News Agency.