South Korea's KT sets higher earnings for '08

KT set this year's operating profit target higher than estimated 2007 results and decided to keep capital expenditure steady, South Korea's top operator, quoted by a Reuters report, said.

KT said in a filing with the local exchange that it was targeting 1.5 trillion won ($1.6 billion) in operating profit in 2008, higher than its 2007 target of 1.4 trillion won ($1.5 billion), the Reuters report said.

The company has yet to release its 2007 earnings, which are scheduled for January 25.

The operating profit target is in line with an average forecast of 1.49 trillion won ($1.59 billion) from Reuters Estimates, which estimates last year's operating profit at 1.46 trillion won ($.56 billion), the report said.

KT, which has 91% of South Korea's landline market and 44.5% of broadband customers, hopes to see a boost from new services such as high-speed mobile internet Wibro and upcoming internet Protocol television, the Reuters report further said,

However, it faces stalled market growth and attacks from cheaper broadband and landline firms. Rival hanarotelecom inc is also gearing up to provide full IPTV service, the report added.

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