KT CORPORATION

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13a-16 OR 15d-16 UNDER THE SECURITIES
EXCHANGE ACT OF 1934

For the month of November 2005

KT Corporation

206 Jungja-dong
Bundang-gu, Sungnam
Kyunggi-do
463-711
Korea
(Address of principal executive offices)

(indicate by check mark whether the registrant files or will file annual reports under cover of
Form 20-F or Form 40-F.)


Form 20-F þ		Form 40-F o

(Indicate by check mark whether the registrant
by furnishing the information contained in this
form
is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.)


Yes o		No þ

November 3rd, 2005

3rd Quarter 2005

Preliminary Earnings Commentary

(KRX : 030200 / NYSE : KTC)

TABLE OF CONTENTS


Disclaimer
1. Financial Highlights
	A. Summary of Income Statement
	B. Summary of Balance Sheet
2. Operating Results
	A. Internet Revenue
	B. Data Revenue
	C. Telephone Revenue
	D. LM(Land to Mobile) Interconnection Revenue
	E. Wireless Revenue
	F. Operating Expenses
	G. Non-operating Income
		Equity Method
		Schedule for Amortization on Goodwill
	H. Non-operating Expenses
Appendix 1: Factsheet
SIGNATURES

Disclaimer

This material contains estimated information of unaudited non-consolidated preliminary financial and operating data of KT Corporation (“KT” or “the company”) as of September 30, 2005 and forward-looking statements with respect to the financial condition, results of operations and business of KT. Statements that are not historical facts, including statements about KT’s beliefs and expectations, are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other future results or performance expressed or implied by such forward-looking statements. Such forward-looking statements were based on current plan, estimates and perfections of KT and the political and economic environment in which KT will operate in the future and therefore you should not place undue reliance on them.

Therefore, KT does not make any representation or warranty, expressed or implied, as to the accuracy or completeness of the unaudited financial and operating data contained in this material and such information maybe materially different from the actual results or performance of KT. KT speaks only as of the date it is made, and KT undertakes no obligation to update publicly any of them in light of new information or future events.

The financial and operating data contained in this presentation have been rounded. Since affiliated companies have not finished accounting, estimated figures were used for the equity method gains/losses.

KT’s non-consolidated financial statements and report as of September 30, 2005 will be filed with the Financial Supervisory Service(FSS) and the Korea Exchange(KRX) in November 14, 2005.

If you have any questions in connection with the preliminary earnings, please contact Investor Relations Department of KT Corp.

Tel : 82-31-727-0931~4
Fax : 82-31-727-0949
E-mail: takim@kt.co.kr

1. Financial Highlights

A. Summary of Income Statement


	2005			2005			2005 3Q / 2005 2Q					2004			2005 3Q / 2004 3Q
(KRW bn)	3Q			2Q			amount		D%			3Q			amount		D%
Operating revenue		2,938.7			2,990.7			-52.0		-1.7	%		2,922.5			16.2		0.6	%
o Internet access		635.7			650.9			-15.2		-2.3	%		624.8			10.8		1.7	%
o Internet application		56.1			66.5			-10.3		-15.5	%		55.2			1.0		1.7	%
o Data		328.1			339.0			-10.9		-3.2	%		342.0			-13.9		-4.1	%
o Telephone		1,087.8			1,123.3			-35.6		-3.2	%		1,107.3			-19.5		-1.8	%
o LM		445.0			450.1			-5.1		-1.1	%		454.3			-9.3		-2.0	%
o Wireless		285.5			278.3			7.2		2.6	%		243.6			41.9		17.2	%
o Satellite		29.4			28.9			0.5		1.9	%		29.5			-0.1		-0.4	%
o Real estate		21.6			23.0			-1.4		-6.2	%		18.1			3.5		19.5	%
o Others		49.6			30.8			18.8		61.2	%		47.9			1.7		3.6	%
¡ SI		44.2			31.3			12.9		41.1	%		47.5			-3.3		-7.0	%
Operating expenses		2,486.8			2,651.6			-164.8		-6.2	%		2,411.9			74.8		3.1	%
o Labor		624.0			670.4			-46.4		-6.9	%		562.9			61.2		10.9	%
o Commissions		175.2			153.7			21.5		14.0	%		162.7			12.5		7.7	%
o Sales commission		73.3			90.7			-17.4		-19.2	%		70.8			2.5		3.5	%
o Sales promotion		89.7			137.3			-47.6		-34.7	%		87.2			2.5		2.8	%
o Advertising		25.1			32.4			-7.3		-22.5	%		31.1			-6.0		-19.2	%
o Provision for doubtful accounts		9.8			21.8			-11.9		-54.8	%		50.0			-40.1		-80.3	%
o Depreciation		564.5			485.3			79.2		16.3	%		582.6			-18.2		-3.1	%
o Repairs & maintenance		137.5			110.5			27.0		24.5	%		124.1			13.4		10.8	%
o Cost of goods sold		91.1			137.3			-46.2		-33.6	%		79.0			12.1		15.3	%
o Cost of service provided		464.9			443.1			21.8		4.9	%		449.6			15.3		3.4	%
o R&D		63.1			55.3			7.8		14.1	%		64.0			-1.0		-1.5	%
o Others		168.5			313.9			-145.4		-46.3	%		148.0			20.6		13.9	%
Operating income		452.0			339.1			112.8		33.3	%		510.6			-58.6		-11.5	%
Operating margin		15.4	%		11.3	%	4.0% P						17.5	%	-2.1% P
EBITDA(1)		1,016.4			824.4			192.0		23.3	%		1,093.2			-76.8		-7.0	%
EBITDA margin		34.6	%		27.6	%	7.0% P						37.4	%	-2.8% P
Non-operating income		89.6			208.2			-118.6		-57.0	%		92.6			-3.0		-3.2	%
Non-operating expenses		172.7			209.9			-37.2		-17.7	%		223.7			-50.9		-22.8	%
Ordinary income		368.8			337.4			31.4		9.3	%		379.5			-10.7		-2.8	%
Income tax expenses		63.4			113.4			-50.0		-44.1	%		75.3			-11.9		-15.8	%
Effective tax rate		17.2	%		33.6	%	-16.4% P						19.8	%	-2.7% P
Net income		305.4			224.1			81.4		36.3	%		304.2			1.2		0.4	%
EPS (won)		1,434			1,063			371		34.9	%		1,443			-9		-0.6	%


(1)		EBITDA = Operating income + Depreciation

Revenue

	—		Revenue decreased compared to the previous quarter due to decrease in telephone and LM traffic, decrease in leased line demand and decrease in Nespot Swing handset sales.

	—		Revenue increased compared to the corresponding period of 2004 as PCS service revenue has continuously increased and broadband subscriber base has expanded.

Operating income

	—		Operating income increased compared to the previous quarter due to decrease in marketing expenses (sales commission, sales promotion and advertising expenses)

	—		Operating income decreased compared to the corresponding period of 2004 due to increase in labor, repairs and maintenance, and commission expenses.

Income tax expenses

—

Income tax expenses decreased compared to the previous quarter due to increase in effective tax rate in the second quarter caused by the FTC fine (approximately 140.0 billion won).

B. Summary of Balance Sheet


	2005			2005			2005 3Q/ 2005 2Q					2004			2005 3Q / 2004 3Q
(KRW bn)	3Q			2Q			amount		D%			3Q			amount		D%
Total assets		18,048.5			18,194.1			-145.6		-0.8	%		20,563.0			-2,514.5		-12.2	%
o Current assets		3,838.3			3,957.4			-119.2		-3.0	%		5,171.4			-1,333.2		-25.8	%
¡ Quick assets		3,706.4			3,819.5			-113.1		-3.0	%		5,052.7			-1,346.3		-26.6	%
— Cash & Cash equivalents		1,419.8			1,526.3			-106.5		-7.0	%		2,645.1			-1,225.3		-46.3	%
¡ Inventories		131.9			137.9			-6.1		-4.4	%		118.7			13.1		11.1	%
o Non-current assets		14,210.2			14,236.7			-26.4		-0.2	%		15,391.6			-1,181.4		-7.7	%
¡ Investments		3,494.2			3,505.2			-11.1		-0.3	%		4,456.1			-962.0		-21.6	%
— KTF shares		2,446.2			2,425.3			21.0		0.9	%		2,435.2			11.0		0.5	%
— Long-term loans		341.2			371.6			-30.4		-8.2	%		499.3			-158.1		-31.7	%
— Others		706.7			708.4			-1.6		-0.2	%		1,195.5			-488.7		-40.9	%
¡ Tangible assets		10,324.8			10,334.3			-9.4		-0.1	%		10,702.0			-377.2		-3.5	%
¡ Intangible assets		391.2			397.2			-5.9		-1.5	%		233.4			157.8		67.6	%
Total liabilities		10,253.7			10,587.5			-333.7		-3.2	%		13,498.9			-3,245.1		-24.0	%
o Current liabilities		3,329.5			4,110.0			-780.4		-19.0	%		4,784.9			-1,455.3		-30.4	%
¡ Interest-bearing debts		1,293.4			1,769.6			-476.2		-26.9	%		2,707.9			-1,414.5		-52.2	%
¡ Accounts payable		609.3			566.4			42.9		7.6	%		557.7			51.6		9.3	%
¡ Others		1,426.8			1,774.0			-347.2		-19.6	%		1,519.3			-92.5		-6.1	%
o Long-term liabilities		6,924.2			6,477.5			446.7		6.9	%		8,714.0			-1,789.8		-20.5	%
¡ Interest-bearing debts		5,412.4			4,986.0			426.4		8.6	%		7,147.2			-1,734.8		-24.3	%
¡ Installation deposit		982.5			1,008.5			-26.0		-2.6	%		1,115.3			-132.8		-11.9	%
¡ Others		529.3			483.0			46.3		9.6	%		451.5			77.9		17.2	%
Total shareholders’ equity		7,794.7			7,606.6			188.1		2.5	%		7,064.1			730.6		10.3	%
o Common stock		1,561.0			1,561.0			0.0		0.0	%		1,561.0			0.0		0.0	%
o Capital surplus		1,440.3			1,440.3			0.0		0.0	%		1,440.3			0.0		0.0	%
o Retained earnings		8,661.2			8,566.5			94.7		1.1	%		8,003.0			658.2		8.2	%
o Capital adjustments		-3,867.7			-3,961.2			93.5		N/A			-3,940.1			72.4		N/A
¡ Treasury stock		-3,840.5			-3,962.6			122.1		N/A			-3,962.6			122.1		N/A
¡ Gain(loss) on valuation of investment securities		-0.4			-1.0			0.6		N/A			7.3			-7.8		N/A
¡ Others		-26.8			2.4			-29.2		N/A			15.2			-41.9		N/A
Total interest-bearing debt		6,705.8			6,755.6			-49.7		-0.7	%		9,855.2			-3,149.3		-32.0	%
Net debt		5,286.1			5,229.3			56.8		1.1	%		7,210.0			-1,924.0		-26.7	%
Net debt / Total shareholders’ equity		67.8	%		68.7	%	-0.9% p						102.1	%	-34.2% P

Assets

	—		Cash & cash equivalents decreased compared to the corresponding period of 2004 due to redemption of domestic bond and foreign debt.

	—		Other investments decreased compared to the corresponding period of 2004 due to reclassification of KTF CB as quick assets maturing in November 2005. We also reclassified deferred tax assets as quick assets in accordance with Korea GAAP amendment.

Liabilities

—

KRW 10,253.7 billion, decrease of 333.7 billion from the previous quarter due to redemption of domestic bond and foreign debt.

Shareholders’ Equity

—

Net income of 305.4 billion won was offset by the interim dividend payment of 210.8 billion won resulted in increase in shareholder’s equity.

2. Operating Results

A. Internet Revenue


	2005		2005		2005 3Q / 2005 2Q					2004		2005 3Q / 2004 3Q
(KRW bn)	3Q		2Q		amount		D%			3Q		amount		D%
Internet access		635.7		650.9		-15.2		-2.3	%		624.8		10.8		1.7	%
o Broadband		560.2		572.6		-12.4		-2.2	%		546.1		14.1		2.6	%
¡ Megapass		536.4		539.4		-3.0		-0.6	%		524.5		11.9		2.3	%
¡ Nespot		23.8		33.2		-9.3		-28.2	%		21.6		2.2		10.4	%
o Kornet		74.9		77.7		-2.8		-3.6	%		77.6		-2.7		-3.4	%
o Others		0.5		0.6		-0.1		-12.2	%		1.1		-0.6		-55.4	%
Internet application		56.1		66.5		-10.3		-15.5	%		55.2		1.0		1.7	%
o IDC		20.3		25.8		-5.5		-21.3	%		22.5		-2.2		-9.7	%
o Bizmeka		22.0		23.1		-1.1		-4.9	%		18.5		3.5		19.0	%
o Others		13.8		17.5		-3.7		-21.0	%		14.2		-0.4		-2.5	%

Internet access revenue decreased mainly due to decrease in Nespot revenue

	—		Megapass : Revenue decreased compared to the previous quarter due to decrease in modem retail revenue.

			We also introduced additional discount for long-term contract subscribers.

	—		Nespot : Revenue decreased due to decrease in the number Nespot Swing handset sales.

Internet application revenue decreased due to decrease in demand for IDC(Internet Data Center) servers.

B. Data Revenue


	2005		2005		2005 3Q / 2005 2Q					2004		2005 3Q / 2004 3Q
(KRW bn)	3Q		2Q		amount		D%			3Q		amount		D%
Data		328.1		339.0		-10.9		-3.2	%		342.0		-13.9		-4.1	%
o Leased line		291.6		295.3		-3.6		-1.2	%		298.2		-6.6		-2.2	%
¡ Local		126.9		124.5		2.4		2.0	%		130.2		-3.3		-2.6	%
¡ Domestic long distance		89.3		89.1		0.2		0.3	%		89.7		-0.3		-0.4	%
¡ International long distance		4.1		4.4		-0.3		-7.2	%		4.4		-0.3		-7.1	%
¡ Broadcasting & others		71.3		77.3		-6.0		-7.8	%		73.9		-2.6		-3.5	%
o Other data		36.4		43.7		-7.3		-16.7	%		43.8		-7.4		-16.8	%
¡ Packet data		3.1		3.4		-0.4		-10.7	%		4.7		-1.6		-34.8	%
¡ National network ATM		17.6		24.9		-7.3		-29.4	%		22.8		-5.2		-22.7	%
¡ Others		15.8		15.4		0.4		2.8	%		16.4		-0.6		-3.5	%

Leased line revenue decreased due to decrease in demand for national network ATM service.

C. Telephone Revenue


	2005		2005		2005 3Q / 2005 2Q					2004		2005 3Q /2004 3Q
(KRW bn)	3Q		2Q		amount		D%			3Q		amount		D%
Telephone revenue		1,087.8		1,123.3		-35.6		-3.2	%		1,107.3		-19.5		-1.8	%
o Subscriber connection		348.0		357.9		-10.0		-2.8	%		339.8		8.2		2.4	%
¡ Subscription fee		14.7		20.6		-5.9		-28.8	%		17.4		-2.8		-15.8	%
¡ Basic monthly fee		282.0		282.5		-0.5		-0.2	%		284.3		-2.3		-0.8	%
¡ Installation		9.2		11.2		-2.1		-18.6	%		8.8		0.3		3.9	%
¡ Interconnection		42.2		43.6		-1.4		-3.2	%		29.2		12.9		44.2	%
o Local		267.1		276.5		-9.5		-3.4	%		286.7		-19.7		-6.9	%
¡ Usage		186.2		194.2		-8.0		-4.1	%		207.2		-21.0		-10.2	%
¡ Interconnection		35.0		35.9		-0.9		-2.5	%		38.2		-3.2		-8.4	%
¡ Others		45.9		46.5		-0.6		-1.3	%		41.3		4.6		11.1	%
o Domestic long distance		184.1		189.5		-5.4		-2.8	%		213.3		-29.2		-13.7	%
¡ Usage		176.5		180.9		-4.5		-2.5	%		197.2		-20.7		-10.5	%
¡ Interconnection		7.4		8.2		-0.8		-10.3	%		15.8		-8.5		-53.4	%
¡ Others		0.3		0.3		0.0		-8.0	%		0.4		0.0		-13.6	%
o International long distance		58.8		59.1		-0.3		-0.5	%		64.2		-5.4		-8.5	%
o International settlement		43.5		43.8		-0.3		-0.7	%		43.7		-0.3		-0.6	%
o VoIP		5.7		5.8		-0.2		-2.8	%		4.7		0.9		20.1	%
o VAS		95.0		88.9		6.1		6.8	%		87.6		7.4		8.5	%
o Public telephone		9.7		10.0		-0.3		-3.5	%		13.1		-3.4		-25.8	%
o 114 phone directory service		31.1		31.4		-0.3		-1.0	%		32.0		-1.0		-3.0	%
o Others		44.9		60.3		-15.4		-25.5	%		22.2		22.7		102.5	%

Telephone revenue decreased compared to the previous quarter

	—		Decrease in subscription fee as the number of new subscribers fell

	—		Decrease in local and domestic long distance revenue due to overall decline in traffic volume

	—		Decrease in the number of Ann handset sales.

Telephone revenue decreased compared to the corresponding period of 2004

	—		Decreased due to decline in local and domestic long distance traffic even though sales of Ann handset in other telephone revenue increased.

	*		Ann was introduced in November 2004.

D. LM (Land to Mobile) Interconnection Revenue

2005

2005 3Q / 2005 2Q

2004

2005 3Q / 2004 3Q

(KRW bn)

amount

LM Revenue

445.0

450.1

-5.1

-1.1

454.3

-9.3

-2.0

LM interconnection cost

207.9

208.3

-0.3

-0.2

193.5

14.5

7.5

¡		LM revenue decreased mainly due to drop in traffic volume.

¡		It takes about two months for operators to verify the actual volume of LM traffic. KT estimates LM interconnection cost reflecting historical traffic at the time of quarterly closing and makes appropriate adjustments in the following quarter. This is the reason why LM interconnection cost is not directly related to the volatility of LM traffic.

E. Wireless Revenue


	2005		2005		2005 3Q / 2005 2Q					2004		2005 3Q / 2004 3Q
(KRW bn)	3Q		2Q		amount		D%			3Q		amount		D%
Wireless revenue		285.5		278.3		7.2		2.6	%		243.6		41.9		17.2	%
o PCS resale		274.1		261.9		12.2		4.7	%		238.9		35.1		14.7	%
¡ PCS service		217.3		213.9		3.3		1.6	%		183.1		34.2		18.7	%
¡ Handset sales		56.8		47.9		8.9		18.6	%		55.9		1.0		1.7	%
o Others		11.4		16.5		-5.0		-30.6	%		4.6		6.8		146.8	%

¡		Wireless revenue continued its increasing trend due to overall increase in the number of subscribers.

¡		Others decreased compared to the previous quarter due to decrease in One-phone handset sales.

F. Operating Expenses


	2005		2005		2005 3Q / 2005 2Q					2004		2005 3Q / 2004 3Q
(KRW bn)	3Q		2Q		amount		D%			3Q		amount		D%
Labor		624.0		670.4		-46.4		-6.9	%		562.9		61.2		10.9	%
o Salaries & wages		438.2		492.2		-54.1		-11.0	%		406.8		31.3		7.7	%
o Employee benefits		131.0		163.9		-32.9		-20.1	%		107.3		23.8		22.2	%
o Provision for retirement		54.8		14.3		40.6		283.6	%		48.8		6.1		12.5	%
Commissions		175.2		153.7		21.5		14.0	%		162.7		12.5		7.7	%
Marketing expenses		188.1		260.3		-72.3		-27.8	%		189.1		-1.0		-0.6	%
o Sales commission		73.3		90.7		-17.4		-19.2	%		70.8		2.5		3.5	%
o Sales promotion		89.7		137.3		-47.6		-34.7	%		87.2		2.5		2.8	%
o Advertising		25.1		32.4		-7.3		-22.5	%		31.1		-6.0		-19.2	%
Provision for doubtful accounts		9.8		21.8		-11.9		-54.8	%		50.0		-40.1		-80.3	%
Depreciation		564.5		485.3		79.2		16.3	%		582.6		-18.2		-3.1	%
Repairs and Maintenance		137.5		110.5		27.0		24.5	%		124.1		13.4		10.8	%
Cost of goods sold		91.1		137.3		-46.2		-33.6	%		79.0		12.1		15.3	%
o PCS handset cost		41.5		43.7		-2.2		-5.1	%		57.4		-16.0		-27.8	%
o PDA, WLAN card, others		49.7		93.6		-44.0		-47.0	%		21.6		28.1		130.1	%
Cost of service provided		464.9		443.1		21.8		4.9	%		449.6		15.3		3.4	%
o Cost of service		209.2		190.9		18.3		9.6	%		203.7		5.5		2.7	%
¡ PCS resale network cost to KTF		105.2		107.5		-2.4		-2.2	%		91.5		13.7		14.9	%
¡ SI service cost		42.2		29.3		12.9		44.1	%		58.6		-16.4		-28.0	%
¡ Others		61.9		54.1		7.7		14.3	%		53.6		8.3		15.4	%
o International settlement cost		47.8		43.9		3.9		8.8	%		52.4		-4.7		-8.9	%
o LM interconnection cost		207.9		208.3		-0.3		-0.2	%		193.5		14.5		7.5	%
R&D		63.1		55.3		7.8		14.1	%		64.0		-1.0		-1.5	%
Others		168.5		313.9		-145.4		-46.3	%		148.0		20.6		13.9	%
* CAPEX		591.9		428.5		163.4		38.1	%		561.4		30.5		5.4	%

Labor cost

—

Labor cost decreased compared to the previous quarter because one half of the salary increase and special bonus by collective agreement made in August was recognized in the 2nd quarter and the other half is evenly recognized in 3rd and 4th quarter. However, it increased compared to the corresponding period of 2004.

¡		Commissions increased compared to the previous quarter and corresponding period of 2004. This is mainly caused by increase in commissions to scholastic and scientific research, underwater cable maintenance and property management agency.

¡		Provision for doubtful accounts decreased compared to the previous quarter and corresponding period of 2004 as we strengthened collection efforts and managed uncollectible receivables.

¡		Marketing expenses decreased compared to the previous quarter as we efficiently control outside sales channels.

¡		Repairs and Maintenance increased to maintain high quality of services.

¡		Cost of goods sold decreased compared to the previous quarter due to decline in handset sales of One-phone and Ann.

¡		Other operating expenses: We recognized the FTC fine(approximately 140.0 billion won) in the second quarter; thus, it decreased compare to the previous quarter.

G. Non-operating Income


	2005		2005		2005 3Q / 2005 2Q					2004		2005 3Q / 2004 3Q
(KRW bn)	3Q		2Q		amount		D%			3Q		amount		D%
Non-operating income		89.6		208.2		-118.6		-57.0	%		92.6		-3.0		-3.2	%
o Gains on disposition of investments		0.4		53.6		-53.2		-99.3	%		2.7		-2.3		-85.2	%
o Interest income		15.6		20.8		-5.1		-24.7	%		28.8		-13.2		-45.7	%
o FX transaction gain		3.5		3.4		0.0		1.4	%		1.2		2.3		197.5	%
o FX translation gain		-20.4		0.6		-21.0		N/A			8.6		-29.0		N/A
o USO fund		20.3		20.3		0.0		0.0	%		14.5		5.8		40.2	%
o Gain on equity method		32.6		35.0		-2.4		-6.8	%		0.0		32.6		N/A
o Others		37.4		74.3		-36.9		-49.7	%		36.8		0.6		1.7	%

¡		Gain on disposition of investments decreased as we recognized gain on disposition of invested securities of Inmarsat and Intelsat in the second quarter.

¡		As of September 2005, our foreign currency net debt exposure (total borrowings in foreign currency of US$1,811 million — total foreign currency deposit of US$308 million) stood at US$1,508 million. The US$ appreciated by 13.6 won (1,024.4 won per dollar at the end of June → 1,038.0 won per dollar at the end of September), resulting in FX translation gain of -20.4 billion won and FX translation loss of -4.9 billion won.

*		Minus(-) FX translation gain indicates an accumulated balance of FX translation gain as of September minus first half balance. Thus, understand minus(-) FX translation gain as a loss.

<Equity Method>


	2005		2005		2005 3Q / 2005 2Q					2004		2005 3Q / 2004 3Q
(KRW bn)	3Q		2Q		amount		D%			3Q		amount		D%
o Gain on equity method		32.6		35.0		-2.4		-6.8	%		0.0		32.6		N/A
o Loss on equity method		-6.8		34.6		-41.4		N/A			17.8		-24.6		N/A
Gain or loss on equity method		39.5		0.5		39.0		8360.2	%		-17.8		57.3		N/A

Gain or loss on equity method
o Gain or loss from KTF		68.1		78.0		-9.9		-12.7	%		45.6		-9.9		-21.7	%
o Amortization on goodwill from KTF		-45.6		-45.7		0.1		N/A			-48.8		0.1		N/A
o Other subsidiaries		17.0		-31.8		48.8		N/A			-14.6		48.8		N/A

<Schedule for Amortization on Goodwill>


(KRW bn)	2004		2005		2006		2007		2008		2009		2010
Total		326.0		181.7		181.9		154.5		141.1		141.1		76.0

H. Non-operating Expenses


	2005		2005		2005 3Q / 2005 2Q					2004		2005 3Q / 2004 3Q
(KRW bn)	3Q		2Q		amount		D%			3Q		amount		D%
Non-operating expenses		172.7		209.9		-37.2		-17.7	%		223.7		-50.9		-22.8	%
o Interest expense		100.6		107.4		-6.8		-6.4	%		124.5		-23.9		-19.2	%
o FX transaction loss		7.0		3.5		3.6		102.5	%		2.4		4.6		195.8	%
o FX translation loss		-4.9		0.4		-5.2		N/A			0.8		-5.7		N/A
o Loss on equity method		-6.8		34.6		-41.4		N/A			17.8		-24.6		N/A
o Loss on disposition of fixed assets		11.8		7.7		4.1		53.4	%		20.6		-8.8		-42.6	%
o Others		65.0		56.4		8.6		15.3	%		57.6		7.4		12.8	%

Minus(-) FX translation loss and loss on equity method indicates an accumulated balance as of September minus first half balance. Thus, understand minus(-) loss as a gain.

Appendix 1: Factsheet

Broadband


	Dec-04			Jan-05			Feb-05			Mar-05			Apr-05			May-05			Jun-05		Jul-05			Aug-05			Sep-05
Broadband Subs		6,077,694			6,087,593			6,107,271			6,133,293			6,147,921			6,158,558			6,172,475		6,193,275			6,228,759			6,241,213
Net Addition		12,372			9,899			19,678			26,022			14,628			10,637			13,917		20,800			35,484			12,454
¡ Megapass Lite		4,888,980			4,876,437			4,868,216			4,862,075			4,854,558			4,831,436			4,821,986		4,823,780			4,837,908			4,834,442
¡ Megapass Premium		662,841			668,649			677,503			688,997			695,798			712,800			717,099		718,277			721,371			724,032
¡ Megapass Special ⁽¹⁾		2,765			3,144			4,111			4,970			5,267			5,616			5,973		6,379			6,804			7,206
¡ Megapass Ntopia		523,108			539,363			557,441			577,251			592,298			608,706			627,417		644,839			662,676			675,533
Broadband M/S
KT		51.0	%		51.0	%		50.9	%		50.7	%		50.5	%		50.5	%		0.503		51.7	%		51.8	%		51.8	%
Hanaro		23.1	%		22.8	%		22.7	%		22.7	%		22.7	%		22.8	%		0.227		23.3	%		23.1	%		23.0	%
Thrunet		10.8	%		10.7	%		10.7	%		10.6	%		10.5	%		10.4	%		0.104		7.9	%		7.8	%		7.7	%
Others		15.1	%		15.5	%		15.7	%		16.0	%		16.3	%		16.3	%		0.166		17.1	%		17.3	%		17.5	%

WLAN


	Dec-04		Jan-05		Feb-05		Mar-05		Apr-05		May-05		Jun-05		Jul-05		Aug-05		Sep-05
WLAN Subs		418,451		426,165		432,609		455,958		467,753		474,343		482,098		490,280		494,527		513,844
¡ NESPOT Family		238,526		239,967		241,557		243,902		244,166		245,128		245,719		244,599		241,198		242,976
¡ NESPOT Solo		29,914		30,357		30,973		32,189		32,827		33,557		34,155		34,516		34,943		37,218
¡ NESPOT Pop		131,882		136,805		141,026		154,364		159,577		164,729		171,113		175,007		178,235		189,955
¡ NESPOT Biz		18,129		19,036		19,053		25,503		31,183		30,929		31,111		36,158		40,151		43,695

Leased Lines


	Dec-04			Jan-05			Feb-05			Mar-05			Apr-05			May-05			Jun-05		Jul-05			Aug-05			Sep-05
Leased Lines		426,633			475,496			423,854			422,728			422,002			418,656			417,312		415,995			413,055			412,145
¡ Local leased line		390,085			434,256			387,896			387,080			385,929			384,133			382,946		382,131			379,430			378,615
¡ DLD leased line		36,233			40,935			35,656			35,404			35,806			34,271			34,119		33,647			33,400			33,300
¡ International leased line		110			106			103			105			109			104			111		90			90			101
¡ Broadcasting leased line		205			199			199			139			158			148			136		127			135			129
Internet Leased Lines		38,775			39,101			39,081			39,603			39,980			40,285			40,995		41,479			41,953			42,523
Leased Line M/S		67.6	%		67.4	%		67.3	%		67.1	%		66.9	%		66.7	%		0.665		66.4	%		66.3	%		66.1	%

Fixed-line


	Dec-04			Jan-05			Feb-05			Mar-05			Apr-05			May-05			Jun-05			Jul-05			Aug-05			Sep-05
Fixed-line Subs (‘000)		21,091			21,086			21,100			21,107			21,072			21,063			21,056			21,039			21,034			21,013
Residential users (%)		72	%		72	%		72	%		72	%		72	%		72	%		0.7192724			72	%		72	%		72	%
Non-refundable users(%)		72	%		72	%		72	%		72	%		72	%		72	%		0.7193674			72	%		72	%		72	%
Caller ID Users (‘000)		4,043			4,162			4,060			4,057			4,058			4,062			4,049			4,057			4,085			4,123
VAS users (‘000)		12,803			12,869			12,947			13,062			13,113			13,184			13,255			13,231			13,240			13,209
Fixed-line M/S
Local M/S (subscriber base)		93.8	%		93.8	%		93.8	%		93.8	%		93.8	%		93.7	%		93.5	%		93.4	%		93.3	%		93.2	%
DLD (revenue base) ⁽³⁾		83.7	%		83.1	%		83.7	%		83.5	%		83.7	%		83.5	%		0.8352531			86.0	%		85.8	%		85.7	%
ILD (revenue base) ⁽⁴⁾		45.1	%		44.8	%		45.5	%		45.3	%		44.4	%		45.3	%		0.4507005			45.0	%		44.9	%		44.6	%

Reference Data

Dec-04

Jan-05

Feb-05

Mar-05

Apr-05

May-05

Jun-05

Jul-05

Aug-05

Sep-05

Population (‘000)

48,199

48,294

48,294

48,294

Number of Household

15,538

15,789

15,789

15,789


Company data except Broadband Market Share and Population

*		Source of Population, No of Household: Korea National Statistical Office

*		Broadband ARPU: excluding revenue from WLAN

(1)		Special: Broadband service providing speed up to 20Mbps & 50Mbps.

(2)		The number of VDSL technology applied subscribers among Megapass service

(3)		Special telecom service providers are included in DLD M/S calculation.

(4)		Special telecom service providers are included in ILD M/S calculation.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: November 4, 2005


KT Corporation
By:	/s/ Wha Joon Cho
Name:		Wha Joon Cho
Title:		Managing Director

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