KT said Friday that it posted operating income of 292.4 billion won and sales of 6 trillion won in the third quarter, a decline of 6.4% and 3.4%, respectively, from a year ago.
The telco said it saw labor costs rise in the quarter due to negotiations over salary.
It is the only carrier out of the three in South Korea to see profits decline. SK Telecom and LG Uplus both saw operating income jump in the quarter.
KT said its mobile business posted sales of 1.74 trillion won, an increase of around 1%. It had 2.81 million 5G subscribers as of the quarter, which equals 20% of its total subscribers.
The carrier also announced 300 billion won share buyback program. It said it was continuing to show stable performance despite the COVID-19 pandemic and said it will work payback shareholders.
KT’s enterprise business posted sales of 690.3 billion won, a rise of around 1% from a year ago.