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LG Uplus reports 63 pct jump in Q4 operating profit

All News 08:20 February 02, 2017

SEOUL, Feb. 2 (Yonhap) -- LG Uplus Corp., South Korea's third-largest mobile carrier, said Thursday its operating profit for the fourth quarter of last year jumped 63 percent from a year earlier, helped by a steady rise in mobile phone subscribers.

LG Uplus reported an operating profit of 184.4 billion won (US$158.9 million) for the October-December quarter last year, the company said in a regulatory filing.

LG Uplus attributed the result to a rise in subscribers for its mobile phone and wireless Internet services.

South Korean telecom firms have also benefited from a 2015 law that has kept fierce competition to woo customers with hefty subsidies in check.

Fourth-quarter net profit also jumped 198.2 percent on-year to 118 billion won. Sales gained 9.1 percent to 3.1 trillion won.

For all of 2016, LG Uplus said its operating profit rose 18.1 percent on year to 746.5 billion won. Full-year sales climbed 6.1 percent to 11.4 trillion won.

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