Hanaro Posts a 41.4% Increase in Operating Profit for the Third Quarter of 2006
08 11월 2006 - 10:42AM
PR Newswire (US)
- Revenues and EBITDA increased to KRW 430.9 billion and KRW 135.8
billion, respectively. SEOUL, South Korea, Nov. 8
/PRNewswire-FirstCall/ -- hanarotelecom incorporated (KOSDAQ:
033630) (NASDAQ:HANA) ("Hanaro" or the "Company"), Korea's leading
integrated telecommunications company providing a broad range of
broadband Internet and voice services, announced on November 8,
2006 that the Company posted a 0.5% gain in revenues to KRW 430.9
billion and a 2.3% increase in EBITDA to KRW 135.8 billion for the
third quarter of 2006. The Company also reported operating profit
of KRW 10.6 billion, up 41.4% quarter on quarter. The Company
explained that despite an increase in marketing expenses for hanaTV
service, it achieved EBITDA margin of 31.5%, a 0.5% increase from
the previous quarter, attributable to reduced marketing expenses
for existing businesses and improved interconnection rates. (Refer
to Table - 3Q 2006 Financial Highlights) The Company stated that
its broadband subscriber base expanded through the continued net
addition in the third quarter despite the intensifying market
competition, and the growth rate of voice subscribers has continued
to increase in each quarter of this year, adding more than 60,000
subscribers in the third quarter alone. With regard to the 100Mbps
optical LAN, Hanaro's mainstay product, the Company expanded the
coverage to approximately 3.8 million households, which amount to
about two thirds of its apartment coverage, with the cumulative
number of subscribers reaching approximately 800,000. The Company
stressed that its penetration rate of 21% in optical LAN, which is
far higher compared to its competitors, proves high efficiency of
investment. After launching hanaTV service late July, the Company
has achieved 82,000 sign-ups and 60,000 activated subscribers,
successfully laying the foundation for its media business. In
addition, with the lower exchange rate of KRW against USD and a
higher level of cash on hand, the Company's net debt-to-equity
ratio fell to 43.1% in the third quarter from 45.1% in the second
quarter, and the Company's credit rating was upgraded to BBB+,
which contributed to a more solid financial structure. Mr. Dominic
A. Gomez, Chief Operating Officer, said, "In addition to securing a
new growth engine through hanaTV, we will foster further
accelerated growth by expanding our corporate data business
including IDC and business solution services which have high
profitability and growth potential." He added, "As the first TPS
provider in Korea, we will offer bundles that are easy to
understand and provide our customers with added savings. We will
leverage our product leadership in Voice, Broadband and TV-Portal
services to provide the best value in the marketplace. As a result
we will drive increased customer-level ARPU as well as reduced
churn." Table - 3Q 2006 Financial Highlights (Unit: KRW billion) 3Q
2006 2Q 2006 Change 3Q 2005 Change (q-q) (note 1) (y-y) Revenues
430.9 428.7 0.5% 361.7 19.1% Operating Profit 10.6 7.5 41.4% 15.0
-29.4% Net Income -17.8 -16.2 loss -16.5 loss continued continued
EBITDA 135.8 132.8 2.3% 129.0 5.3% (Note 1) Figures for 2005 are on
a stand-alone basis (excluding Thrunet's figures). Contacts:
hanarotelecom incorporated Investor Relations 822-6266-4524 / 4473
- or - Taylor Rafferty, New York Reema Parikh 1-212-889-4350 Taylor
Rafferty, London Cristina Ungureanu 44-20-7614-2900 DATASOURCE:
hanarotelecom incorporated CONTACT: Investor Relations of
hanarotelecom incorporated, +822-6266-4524 4473, ; or Reema Parikh
of Taylor Rafferty, New York, +1-212-889-4350, or Cristina
Ungureanu of Taylor Rafferty, London, +44-20-7614-2900,
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