KT Profit Almost Triples After Merger With Freetel
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KT Corp., South Korea’s largest phone and Internet company, reported profit almost tripled after it merged with its mobile-phone unit and a stronger won cut the cost of foreign-currency debt.
Second-quarter net income at KT, which began operations as a combined entity in June, rose to 456.1 billion won ($371 million), compared with 160.5 billion won a year earlier, the Seongnam, South Korea-based company said today in a statement. Revenue increased 18 percent to 3.56 trillion won.