Tariff Cuts Continue to Hit SK Telecom Earnings, but Memory Market Saves the Day
Operating profit in SKT’s core telecom business for first-quarter 2018 was down 10% with government-mandated tariff cuts introduced on Sept. 15, 2017, negatively affecting mobile, partially offset by growth in IPTV and Internet of Things, or IoT, revenue. The noncore business (excluding SK Hynix) reported an operating loss of KRW 36.5 billion, which is slightly higher than the corresponding period in 2017. Given the very strong memory semiconductor market, we note that SKT’s 20.6% stake in SK Hy...
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