KT Corporation (NYSE:KT) Q2 2023 Earnings Conference Call August 7, 2023 3:00 AM ET
Company Participants
Seung-Hoon Chi - Investor Relations
Young-Jin Kim - Chief Financial Officer
Conference Call Participants
Hoi Jae Kim - Daishin Securities
Sean Lee - Citigroup
Aram Kim - Shinhan Securities
Operator
[Foreign Language] Good morning and good evening. Thank you all for joining this conference call. And now we will begin the conference of our 2023 Second Quarter Earnings Results by KT.
We would like to have welcoming remarks from Mr. Seung-Hoon Chi, KT IRO; and Young-Jin Kim, the CFO, will present earnings results and entertain your questions.
This conference will start with the presentation followed by a Q&A session. [Operator Instructions]
Now, I would like to turn the conference over to Mr. Seung-Hoon Chi, KT, IRO.
Seung-Hoon Chi
[Foreign Language]
[Interpreted] Good afternoon. I am Chi Seung-Hoon, KT's IRO. Let's begin KT's second quarter 2023 earnings presentation.
For your information, this earnings release call is being webcast live on our website, and you can follow the slides as you listen in on the call.
Before we begin, please note that today's presentation includes financial statements and operating results under the K-IFRS standards that have not yet been reviewed by an outside auditor. As we cannot ensure accuracy and completeness of financial and business data, aside from the historical performance, please be reminded that these figures may be subject to change.
With that, I will now invite our CFO, Kim Young Jin for his remarks and presentation on the second quarter earnings results.
Young-Jin Kim
[Foreign Language]
[Interpreted] Good afternoon. I am Kim Young Jin, KT's CFO. I will begin with key earnings highlights for the second quarter of 2023.
Supported by KT's solid fundamentals in B2C and B2B and robust growth from group's core portfolio, including finance, real estate, media content and DX businesses, second quarter consolidated and stand-alone operating profit both recorded a double-digit growth.
Despite rise in business expenses on higher inflation, earnings outperformed market expectations on the back of cost efficiency gained from improvement in business implementation, such as strengthening of distribution and improving outsourcing structure, which bolstered profitability.
Second quarter stand-alone service revenue, hence, was KRW4,018.6 billion and operating profit recorded KRW407.5 billion. Each posted a growth of 2.1% and 34.2% year-over-year, respectively. And since 2010 for the first time in 13 years, quarterly service revenue reached KRW4 trillion level.