Seoul: KT Corp. on Wednesday reported a second-quarter net income of 480.6 billion won (US$339.9 million), marking a decline of 34.5 percent from the previous year. The telecom giant attributed the decline to various market conditions affecting its financial performance.

According to Yonhap News Agency, the company disclosed in a regulatory filing that its operating profit for the quarter stood at 648.3 billion won, a decrease from the 1.01 trillion won reported a year prior. Furthermore, KT Corp. experienced a 10.1 percent drop in sales, which amounted to 6.67 trillion won for the period.

Despite the overall decline in net income and sales, the company's earnings surpassed market forecasts. Analysts had predicted an average net profit of 409.3 billion won, as per a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.