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| KT스카이라이프 사옥. (사진=KT스카이라이프) |
[Alpha Biz=(Chicago) Reporter Kim Jisun] KT Skylife recorded sales (operating profit) of 254.8 billion won and operating profit of 16 billion won in the first quarter. Sales rose 5.8 percent year-on-year and operating profit plunged 37.9 percent.
KT Skylife announced the first quarter of 2023 based on consolidated financial statements on the 10th. Amid a sharp drop in operating profit, EBITDA, an indicator of cash-generating power, maintained a compliance level of about 20% (51.6 billion won) compared to sales.
Skylife's sharp drop in operating profit in the first quarter appears to be mainly due to increased costs. The cost of listing intangible assets has increased due to the airing of the original drama, and the cost of recruiting subscribers has been carried forward due to the effect of IFRS (International Financial Reporting Standards). Stock markets and others believe that the overall slowdown in the advertising market has put Sky TV and other companies in weak performance, adversely affecting consolidated-based operating profit.
Skylife and HCN's platform sales rose 4.8% year-on-year to 236.8 billion won.
Skylife TV's content sales rose 20.4% year-on-year to 18 billion won. Channel reception fees rose due to the merger of Media Genie, original entertainment production increased, and IP-related sales revenue increased. Advertising revenue was 11.8 billion won, similar to the first quarter of last year (11.7 billion won).
Net growth of subscribers to major products such as Sky TV (satellite broadcasting), the Internet, and mobile continued for five consecutive quarters. Sky TPS (Sky TV· Internet, Mobile) subscribers increased by 64,000 in the first quarter, driving the net increase in total subscribers. Sky Internet sales on HCN routes also surged year-on-year to more than 50 percent.
There are also expectations for an increase in the value of ENA channels due to full-fledged content investment. Despite the sluggish advertising market, advertising sales during paid broadcasting rose 4.3% year-on-year to 4.3%.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
