SKT's operating profit up over 1,000%, turns to black in Q3
SK Telecom (SKT), Korea's top mobile service carrier, said Wednesday its third-quarter operating profit surged 1,041.3 percent from a year earlier, while its net profit shifted to the black during the same period. Operating income for the July-September period was 552.3 billion won ($411.4 million), while sales rose 13.1 percent on-year to 4.49 trillion won. Net profit was 411.8 billion won,…
SK Telecom, South Korea's leading mobile service provider, reported a staggering 1,041.3 percent increase in operating profit for the third quarter of 2021, marking a significant turnaround from a loss in the previous year. The company's Q3 operating income reached 552.3 billion won (approximately $411.4 million), a substantial rise from the previous year. Sales for the same period experienced a 13.1 percent year-on-year increase, totaling 4.49 trillion won.
The company attributed its improved financial performance to the robust growth of its core mobile service business, coupled with the expansion into new ventures focused on artificial intelligence (AI). SK Telecom's AI data centers witnessed a 6.2 percent year-on-year sales growth, while other AI-related businesses saw a remarkable 27.3 percent increase compared to the same period last year.
To support its AI endeavors, the company established two wholly owned subsidiaries, SK Hyper and SK Horizon, in July and August respectively. SK Hyper is currently constructing AI data centers in the southern regions of Ulsan and Seoul, with a combined capacity yet to be fully disclosed.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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