KT CFO Kim Young-jin expressed confidence the company would hit its wireless service revenue growth guidance of 4 per cent in 2021, as rising 5G penetration stabilised ARPU and offset a slowdown in growth during Q1.
On an earnings call, Kim noted KT’s content subsidiaries are key pillars for future growth, with revenue at the units up 12 per cent year-on-year.
The operator’s 2021 guidance “still holds valid”, he explained, noting growth in the “number of subscribers of higher-ARPU plans” and provision of “new value-added services” would contribute to its 4 per cent target.
“We expect our growth as a digital platform company will further accelerate.”
Net profit increased 43.7 per cent year-on-year to KRW468.2 billion ($418.2 million), with revenue up 3.4 per cent to KRW6.03 trillion.
Wireless service revenue rose 2.2 per cent to KRW1.77 trillion, with handset sales growing 10.3 per cent to KRW799 billion.
The operator added 2.6 million 5G subscribers, ending March with 4.4 million. Net additions of 785,000 were up from 359,000 in Q1 2020, though its total figure was broadly flat at 14.4 million. ARPU rose marginally to KRW32,003.
Fixed-line voice and broadband revenue were flat at KRW377.3 billion and KRW503.2 billion respectively, IPTV increased 6.8 per cent to KRW44.2 billion and B2B 2.3 per cent to KRW684.2 billion.
Capex fell from KRW406.8 billion Q1 2020 to KRW289 billion.
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