South Korea‘s three major telecom operators are projected to post stable earnings in the second-quarter of this year, on the strength of curbs on their marketing spending, an industry survey showed Thursday.

Under a law that took effect early last year, telecom forms are banned from waging fierce competition by wooing customers with hefty subsidies.

The combined revenue of SK Telecom, KT and LG Uplus is expected to grow 2.3 percent on year to 12.6 trillion won ($11.04 billion) in the April-June period, according to securities firms’ forecasts compiled by industry tracker FnGuide.

Their combined operating profit is likely to be little changed at 973.9 billion won.