KT, South Korea’s largest fixed-line telephone operator and second-largest mobile carrier, said Tuesday its third-quarter net profit rose 80 percent from a year earlier as a stable local currency helped cut foreign-exchange losses.Net income reached 351.4 billion won (US$298.3 million) in the July-September period, compared with 195.3 billion won a year earlier, the company said in a regulatory filing. KT absorbed its mobile affiliate KTF Co. in June and the figures were calculated on the assumption that the two companies became a single entity on Jan. 1, 2008, KT said. Sales rose 3.9 percent on year to 4.82 trillion won while operating profit declined 11.7 percent to 413.1 billion won, it said.

KT said the rise in its on-year revenue stemmed from increased sales of mobile and Internet phone services.

The number of its mobile service subscribers reached 14.9 million in the third quarter, up 4.5 percent from 14.25 million a year earlier. Subscribers of KTs Internet phone service, part of its fixed-line business, nearly quadrupled on year to 1.26 million.

But increased competition from local rival SK Telecom pushed up KTs marketing fees, weighing down on operating profits. KT said its accumulated net income stood at 1.53 trillion won as of the end of September, predicting 2,000 won in cash dividends per share if the foreign exchange rate stays at the current level.

YonhapNewsAgency

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