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(LEAD) LG Uplus reports 63 pct jump in Q4 operating profit

All News 09:23 February 02, 2017

(ATTN: ADDS details, remarks in last 4 paras, photo)

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.

(LEAD) LG Uplus reports 63 pct jump in Q4 operating profit - 1

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.

Last year, LG Uplus saw its subscriber base for the faster mobile network rise to 10.97 million people, from 9.88 million in 2015. The number of subscribers for the Internet-based TV service gained 12.2 percent to 2.56 million people, LG Uplus said.

Thanks to the 2015 law, the company's marketing spending fell 2.4 percent on year to 1.9 trillion won last year.

Lee Hyeok-joo, chief financial officer of LG Uplus, said the company will continue to make efforts to improve its financial structure and shareholder value.

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