SK Telecom net profit drops 22.7 percent in Q1

SK Telecom, the nation’s top mobile operator, said Tuesday its first-quarter net profit shed 22.7 percent from the same period a year ago, affected by business suspensions ordered by telecom authorities in the first quarter.

Net profit came to 267.3 billion won ($259 million) in the January-March period, compared with the 345.9 billion won tallied a year earlier, SK Telecom said in a regulatory filing.

Revenue rose 3.4 percent on-year to 4.2 trillion won, while the firm’s operating profit slipped 37.6 percent to 252.3 billion won.

Analysts earlier expected the company’s first-quarter operating profit and net income to hit 303 billion won and 257.4 billion won, respectively.

In 2013, the company posted a net profit of 1.6 trillion won. Its revenue advanced 2.9 percent to 16.6 trillion won, and operating profit increased 16.2 percent to 2.1 trillion won. (Yonhap)