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South Korean telcos see Q1 growth from media businesses

South Korean telcos SK Telecom and KT recorded growth during the first quarter of 2021.

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South Korean telcos SK Telecom and KT recorded growth during the first quarter of 2021.

SK Telecom made an income of 389 billion, which made an increase of 29% since 2020. The company said its media, security, and commerce businesses led the growth. These businesses, combined, accounted for 31.8% of sales during the quarter, it said. They also contributed 103 billion won in operating income, a surge of 64.1% from a year prior. The media business, which provides IPTV services, saw operating income jump 99% from a year before 75.4 billion won, contributing the most out of the three.

The KT, on the contrary, made a record of 444 billion income. The telco also credited other areas besides its main wireless service for the growth, such as its data center and media business units. The two telcos saw demand increase during the quarter as it did in 2020 due to more people staying at home, KT said.

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