Korea Telecom to Step Up Wireless, Internet Businesses
August 22, 2000 (SEOUL) -- Korea Telecom Corp. said it would reduce its fixed-line telecom business to 48 percent of its business by the end of this year, from 55 percent a year earlier, as it sees more profit in the wireless and Internet sectors.
Korea's top fixed-line telecom company told investors that it will double the amount of its earlier investment plan to 736.9 billion won ($660.8 million) in asymmetric digital subscriber line (ADSL) businesses, its high-speed Internet service.
"The business structure is shifting to wireless and the Internet from wired calls as our Internet sector grew as much as 328 percent in the six months through June, from a year ago," said Maeng Sooho, KT's finance director.
On the IMT-2000 mobile service, Maeng said KT will invest up to 1.7 trillion won on top of its payment of up to 1.3 trillion won to obtain a license.
Also, KT said it will expand e-commerce sectors in tune with Hanmir.com, a Web-based phone directory, and buynjoy.com, an online shopping mall.
The company plans to complete the sale of a large portion of its stock to overseas investors by the first half of 2002, as part of its privatization efforts.
It is targeting net profit of 1 trillion won and sales of 10.3 trillion won for this year.
(Maeil Business Newspaper, Korea) |
