Tuesday, May 9, 2006

Hanaro Cites Turn Around in Broadband Subscribers

Hanarotelecom announced a 17% gain in revenues to KRW 432.3 billion on the back of an increase in broadband revenues resulting from the merger with Thrunet and a continuous growth in voice net additions in its first-quarter earnings release for 2006.

Hanaro said that it added 7,300 broadband subscribers in April, posting a net addition for the first time this year, and acquired about 15,300 voice subscribers in April, continuing a sustained growth of net addition. The company credited aggressive marketing activities for a turnaround in operating results.

In particular, Hanaro expanded optical LAN coverage in the first quarter of 2006 to 4,500 apartment complexes with 2.6 million households, which accounts for 52% of nationwide apartment complex coverage. In the voice business, Hanaro added 10 local call service areas and thus securing 80% of nationwide coverage areas.

"By focusing on the 100 Mbps service such as optical LAN and launching a commercial TV-Portal service in July this year with a target of attracting 250,000 subscribers by the end of 2006, we will be able to achieve satisfactory results in both core business and new business," stated Janice Lee, Senior Executive Vice President and Chief Financial Officer of Hanaro.


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