KT Millie's Library posts 7.6% sales rise in Q3, but operating profit falls

KT Millie's Library, South Korea's largest e-book subscription platform, posted higher sales in the third quarter of this year compared with the same period last year, though operating profit declined.

The company said Thursday its third-quarter sales rose 7.6 percent year-on-year to 24.5 billion won ($18.3 million).

Operating profit for the quarter fell 14.3 percent from a year earlier to 3.7 billion won.

Cumulative sales for the first nine months of this year climbed 13.9 percent year-on-year to 72.3 billion won.

Cumulative operating profit over the same period dropped 14.0 percent to 11 billion won.

Millie's Library operates a subscription service that gives members unlimited access to more than 260,000 e-books.

The company took part in the "Book-Reading Korea" campaign, organized by the Ministry of Culture, Sports and Tourism and run by the Korea Publishing Industry Promotion Agency, to promote the value of reading and offer special benefits to new subscribers.

In September, the company ran a promotion with enhanced customer benefits to mark its 10th anniversary, alongside efforts to attract new subscribers through differentiated content such as audiobooks and docent books — formats unique to the platform.

"The Book-Reading Korea campaign and the 10th anniversary promotion supported growth in the business-to-consumer segment and contributed to the third-quarter sales increase," the company said.