SK Telecom reports 26% drop in net profit Q2 (Seoul)26 percent drop in second-quarter net profit posted by South Korea’s top mobile carrier, SK Telecom. As SK telecom increased spending to woo subscribers from its rivals. 50.6% of the country’s mobile market is under SK. It earned 295.3 million in April-June.
As estimated by analyst, profits were lower than an average forecast $373.4million.
South Korea is seeing an intensifying war over so-called “third-generation” mobile services, with second-ranked KTF pushing aggressively for growth, and smaller rival LG Telecom entering the market last quarter.
Shares in SK Telecom rose 2.1 percent in the second quarter, while the broader market fell 1.7 percent.
