KT Corporation (NYSE:KT) Q4 2023 Earnings Conference Call February 7, 2024 8:00 PM ET

Company Participants

Seung-Hoon Chi - Investor Relations

Young-Jin Kim - Investor Relations

Min Jang - Chief Financial Officer

Conference Call Participants

Hoi Jae Kim - Daishin Securities

Joonsop Kim - KB Securities

Jae-min Ahn - NH Investment & Securities

Operator

Good morning and good evening. Thank you all for joining this conference call. And now we will begin the conference of the 2023 Fourth Quarter Earnings Results by KT. We will like to have welcoming remarks from Mr. Seung-Hoon Chi, KT, IRO; and then Mr. Young-Jin Kim, CFO, will represent 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

Good morning, everyone. I would just like to clarify that there has been some organizational changes in KT. The IRO of KT is now Mr. Young-Jin Kim; and the CFO of KT is now Mr. Min Jang.

We will now begin the earnings presentation for the full year 2023. 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 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 may change in the future.

Now, Min Jang, CFO of KT will present the 2023 annual earnings.

Min Jang

Good morning. I’m Min Jang, CFO of KT. Today I will go over the highlights of the annual performance of KT in 2023. KT recorded KRW26,387 billion in consolidated revenue and KRW18, 371.4 billion in standalone revenue. Both consolidated and standalone revenue generated Y-o-Y growth, thanks to balanced growth of the B2C and B2B businesses and the group -- and the growth of the group's key portfolio including finance, media content, DX, and real estate.

On a standalone basis, operating income increased by 1.5% Y-o-Y to KRW1, 185.4 billion, which was mainly driven by revenue growth and efforts to boost profitability such as improving the business implementation system. Consolidated operating income decreased by 2.4% Y-o-Y KRW1,649.8 billion due to the base effect as there was a one-time profit that was reflected in 2022.