Korea Thrunet Passes 200,000 Subscribers

TOKYO (03/21/2000) - Korea Thrunet Co. Ltd., the leading provider of cable Internet services in South Korea, announced last week it has passed the 200,000-subscriber point.

The Seoul-based company said it initiated service to its 200,000th paying subscriber on March 13, pushing the monthly average number of new users during the first quarter to 29,212 subscribers. The figure is above the 14,682 recorded during the final quarter of 1999 but still well below what it needs to clear up a backlog of customers currently standing at 150,000, according to the company.

At the same time, the company announced full-year financial results. It said revenue for the year was 68.2 billion won (US$62 million), up 657 percent on the year for this young company. Revenue from its broadband Internet services was 20.0 billion won, with revenue from data communications services hitting 8.3 billion won.

Higher network lease payments pushed up operating costs to 55.2 billion won, selling, general and administrative expenses were 25.4 billion won and the company recorded 27.6 billion won in depreciation and amortization expenses.

All of this resulted in an operating loss of 40.0 billion won. A non-operating loss of 14.0 billion won was caused primarily by a higher interest burden from an increased level of debt, leading to a net loss for the year of 55.6 billion won.

Korea Thrunet, in Seoul, can be found online at http://www.korea.com/.

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