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 August 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

August 3rd, 2005

“The Value Networking Company”

2nd Quarter 2005

Preliminary Earnings Commentary

(KRX : 030200 / NYSE : KTC)

Disclaimer

This material contains estimated information of unaudited non-consolidated preliminary financial and operating data of KT Corporation (“KT” or “the company”) as of June 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 June 30, 2005 will be filed with the Financial Supervisory Service(FSS) and th Korea Exchange(KRX) in August 12, 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

TABLE OF CONTENTS

	Disclaimer
	1. Financial Highlights
	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

1. Financial Highlights

A. Summary of Income Statement

	2005			2005			2005 2Q / 2005 1Q					2004			2005 2Q / 2004 2Q
(KRW bn)	2Q			1Q			amount		Δ%			2Q			amount		Δ%
Operating revenue		2,990.7			2,977.7			13.0		0.4	%		3,032.4			-41.7		-1.4	%
o Internet access		650.9			645.3			5.6		0.9	%		617.4			33.5		5.4	%
o Internet application		66.5			60.4			6.1		10.0	%		45.9			20.5		44.7	%
o Data		339.0			339.2			-0.2		-0.1	%		332.5			6.5		1.9	%
o Telephone		1,123.3			1,100.8			22.5		2.0	%		1,133.7			-10.4		-0.9	%
o LM		450.1			427.7			22.4		5.2	%		488.6			-38.5		-7.9	%
o Wireless		278.3			328.6			-50.3		-15.3	%		331.9			-53.6		-16.1	%
o Satellite		28.9			28.1			0.7		2.6	%		30.3			-1.4		-4.7	%
o Real estate		23.0			19.0			4.0		21.3	%		20.3			2.8		13.6	%
o Others		30.8			28.6			2.2		7.8	%		31.8			-1.1		-3.3	%
l SI		31.3			32.3			-1.0		-3.1	%		36.6			-5.3		-14.5	%
Operating expenses		2,651.6			2,368.3			283.3		12.0	%		2,454.4			197.1		8.0	%
o Labor		670.4			631.2			39.2		6.2	%		570.2			100.3		17.6	%
o Commissions		153.7			152.3			1.3		0.9	%		170.6			-17.0		-9.9	%
o Sales commission		90.7			95.0			-4.3		-4.6	%		62.7			28.0		44.7	%
o Sales promotion		137.3			68.4			68.9		100.7	%		101.6			35.7		35.1	%
o Advertising		32.4			29.7			2.7		9.2	%		48.1			-15.7		-32.6	%
o Provision for doubtful accounts		21.8			16.3			5.4		33.2	%		49.1			-27.3		-55.6	%
o Depreciation		485.3			492.8			-7.5		-1.5	%		510.5			-25.1		-4.9	%
o Repairs & maintenance		110.5			55.9			54.6		97.6	%		153.7			-43.2		-28.1	%
o Cost of goods sold		137.3			192.8			-55.5		-28.8	%		182.7			-45.4		-24.8	%
o Cost of service provided		443.1			438.6			4.5		1.0	%		424.0			19.1		4.5	%
o R&D		55.3			52.8			2.5		4.7	%		58.6			-3.3		-5.7	%
o Others		313.9			142.4			171.6		120.5	%		122.9			191.1		155.5	%
Operating income		339.1			609.4			-270.3		-44.4	%		578.0			-238.8		-41.3	%
Operating margin		11.3	%		20.5	%		-9.1% P					19.1	%		-7.7% P
EBITDA(1)		824.4			1,102.3			-277.8		-25.2	%		1,088.4			-264.0		-24.3	%
EBITDA margin		27.6	%		37.0	%		-9.5% P					35.9	%		-8.3% P
Non-operating income		208.2			200.2			8.0		4.0	%		30.6			177.6		579.7	%
Non-operating expenses		183.5			264.7			-81.1		-30.6	%		311.0			-127.4		-41.0	%
Ordinary income		363.8			545.0			-181.2		-33.2	%		297.6			66.2		22.2	%
Income tax expenses		120.6			180.2			-59.6		-33.1	%		84.0			36.6		43.6	%
Effective tax rate		33.2	%		33.1	%		0.1% P					28.2	%		4.9% P
Net income		243.2			364.8			-121.6		-33.3	%		213.6			29.5		13.8	%
EPS (won)		1,154			1,731			-577		-33.3	%		1,014			140		13.8	%

(1) EBITDA = Operating income + Depreciation

l Revenue

— Revenue increased compared to the previous quarter due to increase in telephone revenue. (Increase in sales of Ann handsets and LM revenue)

— Revenue decreased compared to the corresponding period of 2004 due to decrease in the number of PCS handset sales caused by less net additions compard to the second quarter of 2004 and lowering of LM tariff cut, starting from September 1 2004

l Operating income

— Operating income was down by 270.3 billion won and 238.8 billion won from 1Q 2005 and 2Q 2004, respectively. This can be explained mainly by an increase in other operating expense due to the FTC fines.

l Net income

— Although operating income decreased, net income increased compared to the corresponding period of 2004 due to increase in gain on disposition of investments and gain on equity method caused by better operating performance by our subsidiaries.

2

B. Summary of Balance Sheet

(KRW bn)	2005			2005			2005 2Q /2005 1Q					2004			2005 2Q / 2004 2Q
	2Q			1Q			amount		Δ%			2Q			amount		Δ%
Total assets		18,187.1			19,007.1			-820.0		-4.3	%		20,352.0			-2,164.9		-10.6	%
o Current assets		3,950.4			4,614.9			-664.4		-14.4	%		4,854.5			-904.1		-18.6	%
l Quick assets		3,812.5			4,470.8			-658.3		-14.7	%		4,746.9			-934.4		-19.7	%
— Cash & Cash equivalents		1,526.3			2,010.3			-484.0		-24.1	%		2,375.4			-849.2		-35.7	%
l Inventories		137.9			144.1			-6.2		-4.3	%		107.6			30.3		28.2	%
o Non-current assets		14,236.7			14,392.2			-155.5		-1.1	%		15,497.5			-1,260.8		-8.1	%
l Investments		3,505.2			3,565.2			-59.9		-1.7	%		4,502.9			-997.6		-22.2	%
— KTF shares		2,425.3			2,393.6			31.6		1.3	%		2,443.9			-18.6		-0.8	%
— Deferred income tax assets		0.0			0.0			0.0		N/A			333.3			-333.3		N/A
— Long-term loans		371.6			406.3			-34.7		-8.5	%		529.4			-157.8		-29.8	%
— Others		708.4			765.2			-56.8		-7.4	%		1,196.2			-487.9		-40.8	%
l Tangible assets		10,334.3			10,417.9			-83.7		-0.8	%		10,761.4			-427.1		-4.0	%
l Intangible assets		397.2			409.1			-11.9		-2.9	%		233.2			163.9		70.3	%
Total liabilities		10,561.4			11,621.2			-1,059.8		-9.1	%		13,383.1			-2,821.7		-21.1	%
o Current liabilities		4,083.9			4,916.0			-832.1		-16.9	%		4,784.2			-700.3		-14.6	%
l Interest-bearing debts		1,769.6			2,688.4			-918.8		-34.2	%		2,473.0			-703.4		-28.4	%
l Accounts payable		566.4			551.4			15.0		2.7	%		695.5			-129.2		-18.6	%
l Others		1,747.9			1,676.2			71.7		4.3	%		1,615.7			132.2		8.2	%
o Long-term liabilities		6,477.5			6,705.2			-227.7		-3.4	%		8,598.9			-2,121.4		-24.7	%
l Interest-bearing debts		4,986.0			5,160.2			-174.3		-3.4	%		7,053.6			-2,067.6		-29.3	%
l Installation deposit		1,008.5			1,051.5			-43.0		-4.1	%		1,150.8			-142.2		-12.4	%
l Others		483.0			493.5			-10.4		-2.1	%		394.5			88.5		22.4	%
Total shareholders’ equity		7,625.7			7,385.9			239.8		3.2	%		6,968.9			656.8		9.4	%
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		8,585.6			8,342.4			243.2		2.9	%		7,909.5			676.1		8.5	%
o Capital adjustments		-3,961.2			-3,957.8			-3.3		N/A			-3,941.9			-19.3		N/A
l Treasury stock		-3,962.6			-3,962.6			0.0		N/A			-3,962.6			0.0		N/A
l Gain(loss) on valuation of investment securitieso		-1.0			1.6			-2.6		N/A			0.2			-1.2		N/A
l Others		2.4			3.1			-0.7		-23.3	%		20.5			-18.1		-88.3	%
Total interest-bearing debt		6,755.6			7,848.6			-1,093.0		-13.9	%		9,526.5			-2,771.0		-29.1	%
Net debt		5,229.3			5,838.3			-609.1		-10.4	%		7,151.1			-1,921.8		-26.9	%
Net debt / Total shareholders’ equity		68.6	%		79.0	%		-10.5% p					102.6	%		-34.0% P

l Assets

— KRW 18,187.1 billion, decrease of 820.0 billion from the previous quarter

• Current assets decreased due to redemption of domestic EB.

• In accordance with Korea GAAP amendment, we recognize deferred tax assets of 221.2 billion won as quick assets and deferred tax liabilities of 27.7 billion on as long-term liabilities.

l Liabilities

— KRW 10,561.4 billion, decrease of 1,059.8 billion from the previous quarter

• Current liabilities decreased mainly due to redemption of domestic EB.

l Shareholders’ Equity

— Net income of 243.2 billion won resulted in shareholder’s equity of 7,625.7 billion won.

3

2. Operating Results

A. Internet Revenue

	2005		2005		2005 2Q / 2005 1Q					2004		2005 2Q /2004 2Q
(KRW bn)	2Q		1Q		amount		Δ%			2Q		amount		Δ%
Internet access		650.9		645.3		5.6		0.9	%		617.4		33.5		5.4	%
o Broadband		572.6		568.8		3.8		0.7	%		539.7		32.9		6.1	%
l Megapass		539.4		537.3		2.2		0.4	%		518.1		21.4		4.1	%
l Nespot		33.2		31.5		1.6		5.2	%		21.6		11.5		53.4	%
o Kornet		77.7		75.8		2.0		2.6	%		76.3		1.4		1.8	%
o Others		0.6		0.8		-0.2		-25.0	%		1.4		-0.8		-59.2	%
Internet application		66.5		60.4		6.1		10.0	%		45.9		20.5		44.7	%
o IDC		25.8		30.8		-5.0		-16.1	%		18.1		7.7		42.9	%
o Bizmeka		23.1		15.3		7.8		50.6	%		14.2		8.9		62.4	%
o Others		17.5		14.3		3.2		22.7	%		13.6		3.9		28.6	%

• Internet access revenue continued its increasing trend, topping the first quarter of 2005 and second quarter of 2004. This can be explained by increases in the number of Megapass subscribers boosted by VDSL and Ntopia (Apt-Lan service).

• Internet application revenue increased due to increases in the number of Bizmeka users boosted by continuously launching new services.

B. Data Revenue

	2005		2005		2005 2Q / 2005 1Q					2004		2005 2Q / 2004 2Q
(KRW bn)	2Q		1Q		amount		Δ%			2Q		amount		Δ%
Data		339.0		339.2		-0.2		-0.1	%		332.5		6.5		1.9	%
o Leased line		295.3		296.0		-0.7		-0.2	%		290.0		5.2		1.8	%
l Local		124.5		126.5		-2.1		-1.6	%		115.7		8.8		7.6	%
l Domestic long distance		89.1		89.5		-0.4		-0.5	%		93.9		-4.8		-5.1	%
l International long distance		4.4		4.8		-0.4		-7.8	%		5.0		-0.6		-12.9	%
l Broadcasting & others		77.3		75.2		2.1		2.8	%		75.4		1.9		2.5	%
o Other data		43.7		43.2		0.5		1.2	%		42.5		1.2		2.9	%
l Packet data		3.4		4.0		-0.6		-14.2	%		5.5		-2.1		-37.8	%
l National network ATM		24.9		23.1		1.9		8.0	%		22.5		2.5		10.9	%
l Others		15.4		16.1		-0.8		-4.8	%		14.5		0.9		5.9	%

l	Leased line revenue increase compared to the corresponding period of 2004 due to an acquisition of KTF network last December, but it slightly decreased compared to the previous quarter.
l	Broadcasting & others slightly increased due to increases in demand of leased lines by broadcasting service providers, including Worldcup preliminary matches, etc.

4

C. Telephone Revenue

	2005		2005		2005 2Q / 2005 1Q					2004		2005 2Q / 2004 2Q
(KRW bn)	2Q		1Q		amount		Δ%			2Q		amount		Δ%
Telephone revenue		1,123.3		1,100.8		22.5		2.0	%		1,133.7		-10.4		-0.9	%
o Subscriber connection		357.9		349.3		8.6		2.5	%		351.9		6.1		1.7	%
l Subscription fee		20.6		18.5		2.1		11.2	%		23.2		-2.5		-11.0	%
l Basic monthly fee		282.5		281.9		0.6		0.2	%		284.9		-2.4		-0.8	%
l Installation		11.2		9.4		1.8		19.5	%		11.0		0.2		1.9	%
l Interconnection		43.6		39.5		4.1		10.3	%		32.8		10.8		32.9	%
o Local		276.5		277.5		-0.9		-0.3	%		300.7		-24.1		-8.0	%
l Usage		194.2		200.2		-6.0		-3.0	%		218.9		-24.7		-11.3	%
l Interconnection		35.9		32.6		3.3		10.0	%		42.2		-6.3		-15.0	%
l Others		46.5		44.7		1.9		4.2	%		39.6		7.0		17.6	%
o Domestic long distance		189.5		196.8		-7.3		-3.7	%		223.8		-34.3		-15.3	%
l Usage		180.9		189.4		-8.5		-4.5	%		203.3		-22.3		-11.0	%
l Interconnection		8.2		7.0		1.2		17.0	%		20.1		-11.9		-59.2	%
l Others		0.3		0.3		0.0		-0.7	%		0.4		0.0		-12.5	%
o International long distance		59.1		57.5		1.6		2.8	%		63.2		-4.1		-6.5	%
o International settlement		43.8		36.8		7.0		18.9	%		41.8		2.0		4.8	%
o VoIP		5.8		4.7		1.1		23.8	%		3.2		2.6		80.1	%
o VAS		88.9		86.1		2.9		3.3	%		83.8		5.1		6.1	%
o Public telephone		10.0		10.1		-0.1		-0.6	%		13.1		-3.0		-23.3	%
o 114 phone directory service		31.4		29.8		1.5		5.2	%		30.8		0.6		1.9	%
o Others		60.3		52.2		8.1		15.5	%		21.5		38.8		180.9	%

l Telephone revenue increased due to increase sales of Ann handsets (27.9 billion won in 1Q 2005 ® 34.0 billion won in 2Q 2005) even though the number of subscribers fell and overall decline in traffic volume. As of June 2005, the number of Ann subscribers is 781,564, increased by 390,726 from the previous quarter.

l Subscription fee increased as the number of subscription base subscribers increased, and installation revenue, recognized when subscribers transfer, also increased. On the other hand, local and domestic long distance revenue decreased due to decline in traffic

5

D. LM(Land to Mobile) Interconnection Revenue

	2005		2005		2005 2Q / 2005 1Q					2004		2005 2Q / 2004 2Q
(KRW bn)	2Q		1Q		amount		Δ%			2Q		amount		Δ%
LM Revenue		450.1		427.7		22.4		5.2	%		488.6		-38.5		-7.9	%
LM interconnection cost		208.3		214.0		-5.8		-2.7	%		210.1		-1.8		-0.9	%

l LM revenue increased by 22.4 billion won compared to the previous quarter mainly due to an increase in LM traffic. Compared to the corresponding period of 2004, LM revenue decreased due to 2.2% tariff cut in effect of September 1, 2004 coupled with the offering of 5 minutes free call per month until November 2005.

E. Wireless Revenue

	2005		2005		2005 2Q / 2005 1Q					2004		2005 2Q / 2004 2Q
(KRW bn)	2Q		1Q		amount		Δ%			2Q		amount		Δ%
Wireless revenue		278.3		328.6		-50.3		-15.3	%		331.9		-53.6		-16.1	%
o PCS resale		261.9		311.4		-49.5		-15.9	%		331.4		-69.6		-21.0	%
l PCS service		213.9		202.8		11.2		5.5	%		176.6		37.3		21.1	%
l Handset sales		47.9		108.6		-60.7		-55.9	%		154.8		-106.8		-69.0	%
o Others		16.5		17.2		-0.8		-4.6	%		0.5		16.0		3213.3	%

l Wireless revenue decreased compared to the previous quarter due to decrease in the number of handset sales (net addition of 52,000 in 2Q 2005, 243,000 in 1Q 2005). On the other hand, PCS service revenue continuously increased compared to the previous quarter and corresponding period of 2004 as subscriber base expanded.

6

F. Operating Expenses

	2005		2005		2005 2Q / 2005 1Q					2004		2005 2Q / 2004 2Q
(KRW bn)	2Q		1Q		amount		Δ%			2Q		amount		Δ%
Labor		670.4		631.2		39.2		6.2	%		570.2		100.3		17.6	%
o Salaries & wages		492.2		421.6		70.6		16.8	%		411.6		80.6		19.6	%
o Employee benefits		163.9		104.2		59.8		57.4	%		114.6		49.4		43.1	%
o Provision for retirement		14.3		105.5		-91.2		-86.4	%		44.0		-29.7		-67.5	%
Commissions		153.7		152.3		1.3		0.9	%		170.6		-17.0		-9.9	%
Marketing expenses		260.3		193.1		67.3		34.8	%		212.3		48.0		22.6	%
o Sales commission		90.7		95.0		-4.3		-4.6	%		62.7		28.0		44.7	%
o Sales promotion		137.3		68.4		68.9		100.7	%		101.6		35.7		35.1	%
o Advertising		32.4		29.7		2.7		9.2	%		48.1		-15.7		-32.6	%
Provision for doubtful accounts		21.8		16.3		5.4		33.2	%		49.1		-27.3		-55.6	%
Depreciation		485.3		492.8		-7.5		-1.5	%		510.5		-25.1		-4.9	%
Repairs and Maintenance		110.5		55.9		54.6		97.6	%		153.7		-43.2		-28.1	%
Cost of goods sold		137.3		192.8		-55.5		-28.8	%		182.7		-45.4		-24.8	%
o PCS handset cost		43.7		130.9		-87.2		-66.6	%		166.8		-123.1		-73.8	%
o PDA, WLAN card, others		93.6		61.9		31.7		51.3	%		15.9		77.7		487.1	%
Cost of service provided		443.1		438.6		4.5		1.0	%		424.0		19.1		4.5	%
o Cost of service		190.9		184.6		6.3		3.4	%		167.5		23.4		14.0	%
l PCS resale network cost to KTF		107.5		89.5		18.0		20.1	%		88.7		18.8		21.2	%
l SI service cost		29.3		32.6		-3.3		-10.2	%		37.7		-8.5		-22.4	%
l Others		54.1		62.5		-8.3		-13.3	%		41.1		13.1		31.8	%
l International settlement cost		43.9		39.9		4.0		10.0	%		46.3		-2.4		-5.2	%
l LM interconnection cost		208.3		214.0		-5.8		-2.7	%		210.1		-1.8		-0.9	%
R&D		55.3		52.8		2.5		4.7	%		58.6		-3.3		-5.7	%
Others		313.9		142.4		171.6		120.5	%		122.9		191.1		155.5	%
* CAPEX		420.0		415.1		4.9		1.2	%		464.3		-44.3		-9.5	%

l	Labor cost increased due to wage increase and special bonus by the collective bargaining agreement.
l	The main agreements are as follows; wage increase for 2005 by 3% of basic salary, special bonus of one month’s salary, and ESOP 60 shares per employee. Labor cost of 2Q 2005 increased as retroactive adjustment is made for the first half year.
l	Marketing expenses increased mainly due to intense retention efforts as telecom industry environment became more competitive.
l	Repairs and Maintenance increased to maintain high quality of services.
l	Cost of goods sold decreased compared to the previous quarter and corresponding period of 2004 due to decline in PCS handset sales.
l	Other operating expenses: We recognized the FTC fine this quarter; thus, it increased compared to the previous quarter and corresponding period of 2004.

7

G. Non-operating Income

	2005		2005		2005 2Q / 2005 1Q					2004		2005 2Q / 2004 2Q
(KRW bn)	2Q		1Q		amount		Δ%			2Q		amount		Δ%
Non-operating income		208.2		200.2		8.0		4.0	%		30.6		177.6		579.7	%
o Gains on disposition of investments		53.6		2.6		51.0		1926.6	%		0.9		52.7		5689.7	%
o Interest income		20.8		21.1		-0.3		-1.5	%		20.0		0.8		3.8	%
o FX transaction gain		3.4		9.4		-5.9		-63.2	%		2.1		1.4		66.9	%
o FX translation gain		0.6		33.9		-33.3		-98.1	%		6.0		-5.4		-89.6	%
o USO fund		20.3		20.3		0.0		0.0	%		14.5		5.8		40.2	%
o Gain on equity method		35.0		32.2		2.8		8.7	%		0.0		35.0		N/A
o Others		74.3		80.6		-6.3		-7.9	%		-12.9		87.2		-676.0	%

l	Gain on disposition of investments increased as we had disposed invested securities of Inmarsat and Intelsat; thus, we recognized one off gain of 45.0 billion won.
l	As of June 2005, our foreign currency net debt exposure (total borrowings in foreign currency of US$1,611 million — total foreign currency deposit of US$58 million) stood at US$1,553 million. The US$ appreciated by 0.1 won (1,024.3 won per dollar at the end of March ® 1024.4 won per dollar at the end of June), resulting in FX translation gain of 0.6 billion won and FX translation loss of 0.4 billion won.
l	Gain on equity method continuously occurred due to solid operating performance by our subsidiaries, mainly KTF.
l	The reason of recognition of other non-operating income of 2Q 2004 as -12.9 billion won is that adjustment for net base accounting in gain on valuation of interest rate swap and gain on income tax refund were made and recorded as -14.6 billion won and -27.7 billion won, respectively.

<Equity Method>

	2005		2005		2005 2Q / 2005 1Q					2004		2005 2Q / 2004 2Q
(KRW bn)	2Q		1Q		amount		Δ%			2Q		amount		Δ%
o Gain on equity method		35.0		32.2		2.8		8.7	%		0.0		35.0		N/A
o Loss on equity method		34.6		13.9		20.7		149.0	%		97.7		-63.1		-64.6	%
Gain or loss on equity method		0.5		18.4		-17.9		-97.5	%		-97.7		98.2		N/A
Gain or loss on equity method
o Gain or loss from KTF		78.0		62.2		15.8		25.4	%		19.5		58.5		300.0	%
o Amortization on goodwill from KTF		-45.7		-45.6		-0.1		N/A			-89.9		44.2		N/A
o Other subsidiaries		-31.8		1.8		-33.6		N/A			-27.3		-4.5		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

8

H. Non-operating Expenses

	2005		2005		2005 2Q / 2005 1Q					2004		2005 2Q / 2004 2Q
(KRW bn)	2Q		1Q		amount		Δ%			2Q		amount		Δ%
Non-operating expenses		183.5		264.7		-81.1		-30.6	%		311.0		-127.4		-41.0	%
o Interest expense		107.4		113.2		-5.8		-5.1	%		105.0		2.4		2.3	%
o FX transaction loss		3.5		6.0		-2.6		-42.7	%		3.7		-0.3		-7.1	%
o FX translation loss		0.4		5.9		-5.5		-93.7	%		1.6		-1.2		-76.3	%
o Loss on equity method		34.6		13.9		20.7		149.0	%		97.7		-63.2		-64.6	%
o Loss on disposition of fixed assets		7.7		8.1		-0.4		-4.4	%		39.8		-32.1		-80.6	%
o Others		30.0		117.6		-87.6		-74.5	%		63.1		-33.1		-52.4	%

l	Loss on equity method occurred due to weak results of KT Linkus, major corporate restructuring implemented.
l	KT Linkus laid off 1,036 employees by early retirement program. As a result, KT Linkus recognized one off cost of 46.7 billion won and net loss of 33.2 billion won in the second quarter.
l	Others decreased due to decrease in contribution payments for R&D and miscellaneous loss.

9

Appendix 1: Factsheet

Broadband

	Dec-03			Mar-04			Jun-04			Sep-04			Dec-04			Jan-05			Feb-05			Mar-05			Apr-05			May-05			38505
Broadband Subs		5,589,058			5,759,256			5,900,038			6,005,215			6,077,694			6,087,593			6,107,271			6,133,293			6,147,921			6,158,558			6,172,475
Net Addition		196,257			52,457			43,878			29,689			12,372			9,899			19,678			26,022			14,628			10,637			13,917
o Megapass Lite		4,580,586			4,721,791			4,820,853			4,875,433			4,888,980			4,876,437			4,868,216			4,862,075			4,854,558			4,831,436			4,821,986
o Megapass Premium		671,889			659,448			664,155			664,441			662,841			668,649			677,503			688,997			695,798			712,800			717,099
o Megapass Special (1)		1,631			1,900			2,149			2,338			2,765			3,144			4,111			4,970			5,267			5,616			5,973
o Megapass Ntopia		334,952			376,117			412,881			463,003			523,108			539,363			557,441			577,251			592,298			608,706			627,417
Broadband M/S
KT		50.0	%		50.4	%		50.8	%		50.9	%		51.0	%		51.0	%		50.9	%		50.7	%		50.5	%		50.5	%
Hanaro		24.4	%		24.0	%		23.9	%		23.6	%		23.1	%		22.8	%		22.7	%		22.7	%		22.7	%		22.8	%
Thrunet		11.6	%		11.3	%		11.1	%		10.9	%		10.8	%		10.7	%		10.7	%		10.6	%		10.5	%		10.4	%
Others		14.0	%		14.3	%		14.2	%		14.6	%		15.1	%		15.5	%		15.7	%		16.0	%		16.3	%		16.3	%

WLAN

	Dec-03		Mar-04		Jun-04		Sep-04		Dec-04		Jan-05		Feb-05		Mar-05		Apr-05		May-05		38505
WLAN Subs		344,210		364,235		387,208		403,901		418,451		426,165		432,609		455,958		467,753		474,343		482,098
o NESPOT Family		215,475		231,974		239,607		240,013		238,526		239,967		241,557		243,902		244,166		245,128		245,719
o NESPOT Solo		17,504		23,969		27,401		29,031		29,914		30,357		30,973		32,189		32,827		33,557		34,155
o NESPOT Pop		103,469		100,176		109,452		117,877		131,882		136,805		141,026		154,364		159,577		164,729		171,113
o NESPOT Biz		7,762		8,116		10,748		16,980		18,129		19,036		19,053		25,503		31,183		30,929		31,111

Leased Lines

	Dec-03			Mar-04			Jun-04			Sep-04			Dec-04			Jan-05			Feb-05			Mar-05			Apr-05			May-05			38505
Leased Lines		454,281			441,986			433,055			428,897			426,633			475,496			423,854			422,728			422,002			418,656			417,351
o Local leased line		413,691			402,770			395,489			391,921			390,085			434,256			387,896			387,080			385,929			384,133			382,946
o DLD leased line		40,374			38,982			37,250			36,676			36,233			40,935			35,656			35,404			35,806			34,271			34,119
o International leased line		110			114			112			113			110			106			103			105			109			104			111
o Broadcasting leased line		106			120			204			187			205			199			199			139			158			148			175
Internet Leased Lines		43,207			40,634			37,413			38,084			38,775			39,101			39,081			39,603			39,980			40,285			40,995
Leased Line M/S		69.4	%		69.0	%		68.4	%		68.0	%		67.6	%		67.4	%		67.3	%		67.1	%		66.9	%		66.7	%		0.665

Fixed-line

	Dec-03			Mar-04			Jun-04			Sep-04			Dec-04			Jan-05			Feb-05			Mar-05			Apr-05			May-05			38505
Fixed-line Subs (‘000)		21,841			21,559			21,443			21,309			21,091			21,086			21,100			21,107			21,072			21,063			21,056
Residential users (%)		72	%		72	%		72	%		72	%		72	%		72	%		72	%		72	%		72	%		72	%		0.71927242
Non-refundable users (%)		72	%		72	%		72	%		72	%		72	%		72	%		72	%		72	%		72	%		72	%		0.7193674
Caller ID users (‘000)		3,230			3,385			3,582			3,983			4,043			4,162			4,060			4,057			4,058			4,062			4,049
VAS users (‘000)		9,113			12,364			12,495			12,818			12,803			12,869			12,947			13,062			13,113			13,184			13,255
Fixed-line M/S
Local M/S (subscriber base)		95.6	%		95.4	%		95.1	%		94.5	%		93.8	%		93.8	%		93.8	%		93.8	%		93.8	%		93.7	%		93.5	%
DLD (revenue base) (3)		84.1	%		84.3	%		84.4	%		84.3	%		83.7	%		83.1	%		83.7	%		83.5	%		83.8	%		83.6	%
ILD (revenue base) (4)		49.8	%		48.0	%		46.8	%		46.0	%		45.1	%		44.8	%		45.5	%		45.3	%		45.2	%		45.1	%

Reference Data

	Dec-03		Mar-04		Jun-04		Sep-04		Dec-04		Jan-05		Feb-05		Mar-05		Apr-05		May-05		38505
Population (‘000)		47,925		48,199		48,199		48,199		48,199		48,294		48,294		48,294		48,294		48,294		48,294
Number of Household		15,297		15,538		15,538		15,538		15,538		15,789		15,789		15,789		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.

10

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: August 4, 2005

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