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OpenCityMedia

hanaTV revenues doubled in Q3

November 7, 2007 - Korean telco hanarotelecom has reported that revenues from its hanaTV service doubled in the third quarter of this year relative to the same period of last year, reaching KRW 15.3bn (US$ 16.8mn). The telco reported that as of the end of October of this year it had 660,000 subscribers for its IPTV service, and also recently added new customer services in the period including karaoke, as well as launching customised advertising services. hanarotelecom intends to conclude content agreements with "all the major Hollywood movie studios" within this fiscal year, and estimates that it will reach 800,000 subscribers by the end of this calendar year. hanarotelecom reported total revenues of KRW 466.7bn for the third quarter of this year, representing a growth of 8.3% quarter on quarter, and a net income of KRW 7.4bn, compared to a net loss of KRW 17.8bn in the same period of last year. "We accomplished a turnaround one quarter earlier than we planned, laying the groundwork for solid profit generation going forward," said Janice Lee, CFO for the telco. "Next year, we aim to achieve net income large enough to pay dividends, maximising shareholder value."

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