Seoul: KT Corp. on Tuesday reported its first-quarter net profit of 388.3 billion won (US$261.4 million), marking a 31.5 percent decrease from the previous year. The South Korean mobile carrier disclosed these figures in a regulatory filing, highlighting a challenging start to the year.

According to Yonhap News Agency, KT Corp.'s operating income for the January-March period also saw a decline, coming in at 482.7 billion won, which is down 29.9 percent compared to the same period last year. The company's revenue experienced a minor dip of 1 percent, totaling 6.77 trillion won.

Despite the year-over-year declines, the company's earnings surpassed market expectations. Analysts had predicted a net profit of 349 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.