KT Corporation (NYSE:KT) Q1 2023 Earnings Conference Call May 11, 2023 3:00 AM ET
Company Participants
Seung-Hoon Chi - Investor Relations Officer
Young-Jin Kim - Chief Financial Officer
Conference Call Participants
Jaemin Ahn - NH Investment & Securities
Soojin Kim - Mirae Asset Securities
Sean Lee - Citigroup
Operator
[Foreign Language]
[Interpreted] Good morning and good evening. Thank you all for joining this conference call. And now we will begin the conference of the 2023 First Quarter Earnings results by KT. We would like to have welcoming remarks from Mr. Seung-Hoon Chi, KT IRO and then Mr. Young-Jin Kim, CFO will present earnings results and entertain your questions. This conference will start with a presentation followed by a Q&A session. [Operator Instructions]
Now we would like to turn the conference over to Mr. Seung-Hoon Chi, KT IRO.
Seung-Hoon Chi
[Foreign Language]
[Interpreted] Good afternoon. I am Seung-Hoon Chi, IRO of KT. We will now begin the earnings presentation of KT for 2023 Q1. This earnings call is being webcast live on the company website. Slides are also available for you to follow while listening to the call.
Please note that today's presentation includes estimates of financial and operating performance based on K-IFRS that have not yet been reviewed by an outside auditor. As such, other than confirmed historical data, we cannot guarantee the accuracy and completeness of financial and business-related information and these figures may change in the future.
Now Mr. Young-Jin Kim, CFO of KT will give some welcoming remarks and present the earnings of Q1 2023.
Young-Jin Kim
[Foreign Language]
[Interpreted] Good afternoon. I am Young-Jin Kim, CFO of KT. I will go over the highlights of KT in 2023 Q1.
KT has continued robust growth in the first quarter of 2023 by making efforts to provide stable customer-oriented services.
Consolidated revenue in Q1 grew by 2.6% Y-o-Y to reach KRW6,443.7 billion. Standalone revenue increased by 0.2% Y-o-Y to KRW4, 619 billion despite the spin-off of KT Cloud.
Consolidated operating income stood at KRW486.1 billion and standalone operating income recorded KRW388.1 billion. These numbers were not far from market expectations despite the base effect coming from a one-off profit generated by the sale of real estate, namely the Mapo Solution Center last year and cost increases due to inflation.
B2B business is continuing growth backed by corporate demand for digital transformation or DX. DX platform and smart space businesses are starting to generate revenue in earnest, while the expansion of customer base of corporate Internet and data and the strong growth of the MVNO market led to a well-balanced growth in all areas of Digico and Telco.