February 13, 2025 05:34 GMT
EM ASIA CREDIT: Q4 Results: KT Corp (KOREAT, A3/A-/NR) - Beat
EM ASIA CREDIT
KT Corp (KOREAT, A3/A-/NR)
"*KT CORP 4Q OPER LOSS 655.1B WON, EST. LOSS 685.48B WON" - BBG
*Korean telco business, KT Corp., reported Q4 results that were a little better than consensus, but nevertheless a large operating loss. Overall neutral for spreads.
- The operating loss in the quarter was KRW655bn versus a KRW266bn profit in the year ago period. Operating expenses were materially higher, notably one-off labour costs due to restructuring.
- In terms of credit metrics, leverage ticked up only slightly, with net debt to EBITDA at 1.4x at end '24 versus 1.3x end '23.

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