KT Corporation (NYSE:KT) Q1 2024 Earnings Conference Call May 9, 2024 9:00 PM ET
Company Participants
Min Jang - Chief Financial Officer
Conference Call Participants
Soojin Kim - Mirae Securities
Jisoo Jeong - Meritz Securities
Joonsop Kim - KB Securities
Operator
[Foreign Language] Good morning and good evening. Thank you all for joining this conference call.
Now we will begin the conference of the Fiscal Year 2024 First Quarter Earnings Results by KT. We would like to have welcoming remarks from KT IRO. And the CFO will present earnings results and entertain your questions. This conference will start with our presentation followed by a Q&A session. [Operator Instructions]
Now we would like to turn the conference over to KT IRO
Unidentified Company Representative
[Foreign Language] Good morning. I'm KT's IRO, Young-Yoon Yun., we will commence KT's first quarter 2024 earnings presentation. This earnings release call is being webcast live on our website and you can make use of the presentation slides as you listen in on the call.
Please be reminded that today's presentation includes financial estimates and operating results under the K-IFRS standards, which are yet to be reviewed by an outside auditor. We hence cannot ensure accuracy nor completeness of financial and business data aside from historical actuals. So we ask that you note that these figures may be subject to changes.
With that I invite our CFO, Min Jang for his welcoming message and presentation on Q1 2024 earnings.
Min Jang
[Foreign Language] Good morning. I'm Min Jang, KT's CFO. At the Mobile World Congress 2024 held last February, KT announced its vision to make believe and transform into an AI CT company. By combining AI and IT with our CT capabilities we will seek to reinforce our core competitiveness and explore new business opportunities powered by AI.
We will be steadfast at finding sustainable growth engine for the future by way of innovation and rationalization of our business structure that is based on AX short for AI-driven DX.
With that said let's go into the details of KT's Q1 highlights. Supported by well-balanced growth from B2C and B2B businesses on top of growth momentum from the group's core business portfolio which include IDC and cloud, KT's consolidated revenue reported KRW 6,654.6 billion and separate basis revenue was at KRW 4,694.8 billion, both reporting growth versus last year.
Separate basis operating profit was up 1.5% year-on-year, coming in at KRW 393.8 billion, driven by revenue growth and efficient marketing activities. Consolidated operating profit increased 4.2% year-on-year to KRW 506.5 billion at the back of profit growth from major subsidiaries, including BC Card, KT Cloud, KT Estate, among others.