Seoul – hanarotelecom’s IPTV service hanaTV has reached a subscription base of 900,000 to lead the South Korean IPTV market in subscriptions, ahead of rival KT’s Mega TV service which registered 567,230 subscribers as of March 2008. Quarterly revenue for Q1 2008 from hanaTV came up to KRW21.3billion (US$21.3million).

hanarotelecom posted Q1 2008 revenues of KRW493billion (US$491.5million), a 9.3% increase year-on-year and a 0.9% increase quarter-on-quarter. Revenue growth was attributed to increase in subscriptions to voice and IPTV services, as well as “solid” growth of corporate businesses including leased line and IDC.

In addition, the telco announced operating profits of KRW10billion (US$10million), net loss of KRW6.7billion (US$6.7million) and EBITDA of KRW129.3billion (US$129.3million) for Q1 2008. Fall in profit was attributed to a hike in one-time expenses such as the accrual of interconnection fee estimates and bonus payments to compensate for unpaid salary increases in 2007.

Further, hanarotelecom drew 1.83million subscribers to its 100Mbps broadband services as of end-March 2008, accounting for over half of the company’s total subscribers.

hanarotelecom’s CFO Young-Chul Kim said, “We will place top priority on customer value innovation this year. In addition, we will improve our corporate value by enhancing fundamental competitiveness through the improvement of network and marketing infrastructure while creating synergies with the SK group, including the launch of bundled products of wireline and wireless services.”

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