Hanaro Telecom Turns a Profit

Revenues improved 7.0% to 348.8B korean won (US$294.0M) in Q4, as the company posts an operating profit of 6.1B won (US$5.13M) for 2002

February 28, 2003

1 Min Read

SEOUL, South Korea -- Hanaro Telecom, Inc. (KOSDAQ: 33630) (NASDAQ: HANA) ("Hanaro" or "the Company"), one of Korea's largest broadband Internet access and local call service providers, today announced the results of its operations for the fourth quarter ended December 31, 2002. The results are audited, unconsolidated, and prepared in accordance with generally accepted accounting principles in Korea. YE and 4Q02 Highlights

  • Operating profit turned positive for the full year 2002, amounting to KRW 6.1 billion (US$ 5.13 million(a)) from a loss of KRW 165.2 billion in 2001. For the quarter, operating profit in 4Q02 rose 47.8% to KRW 20.2 billion from KRW 13.6 billion in 3Q02.

  • EBITDA rose 7.5% in 4Q02 to KRW 119.5 billion (US$ 100.7 million) from KRW 111.1 billion last quarter.

  • Revenues improved 7.0% to KRW 348.8 billion (US$ 294.0 million) in 4Q02 from KRW 326.0 billion in 3Q02.

  • Operating costs increased slightly by 5.2% to KRW328.7 billion (US$ 277.1 million) in 4Q02 from KRW 312.3 billion in 3Q02.

Hanaro's Vice President, Mr. Young Wan Cho, commented, "Hanaro is proud to have achieved operating profit for this fiscal year despite challenging market conditions, showing consistently increasing revenues and EBITDA. The introduction of Hanaro's industry leading 20 Mbps VDSL service is also a great source of pride for us, which further differentiates Hanaro's service from competitors. Our objectives for 2003 illustrate Hanaro's determination to provide shareholder value, with targeted total subscribers expanding to 5 million and attainment of net profit by year-end." Hanaro Telecom Inc.

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