South Korea-based KT forecast continued ARPU growth in the second half of 2021, expecting the launch of a wider range of 5G handsets to drive increased adoption.
On its Q2 earnings call, CFO Kim Young-jin said it aims for 5G penetration to reach 45 per cent by the year-end, fuelling further ARPU gains after the figure grew 3 per cent year-on-year to KRW32,342 ($28.10) during the quarter.
Kim explained KT was “taking a more conservative profit stance” regarding H2 due to rising expenses, though still expected to book growth across the full year.
It maintained guidance of 4 per cent growth in full year service revenue.
It ended June with 5 million 5G subscribers, double the number at the same point of 2020, with total users up 82,000 to 14.4 million
Net profit in Q2 rose 77.4 per cent to KRW370.8 billion, credited to top-line growth and improved cost control. Operating revenue increased 2.6 per cent to KRW6 trillion, with wireless service growing 4.5 per cent to KRW1.8 trillion and handsets up 1.6 per cent to KRW690.9 billion.
Kim said the quarter brought gains in service revenue driven by 5G adoption, along with growth in broadband and its platform business covering content, financial services and e-commerce.
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