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(LEAD) SK Telecom Q2 net surges on increased equity gains, rise in 5G users

All News 10:07 August 06, 2020

(ATTN: UPDATES throughout with details; CHANGES headline; ADDS photo)

SEOUL, Aug. 6 (Yonhap) -- SK Telecom Co., South Korea's top mobile carrier, said Thursday its second-quarter net income jumped 66.8 percent from a year earlier due to increased equity gains and improved mobile business.

Net income reached 432.2 billion won (US$365.1 million) in the April-June period, compared with 259.1 billion won the previous year, the company said in a regulatory filing.

Sales came to 4.6 trillion won in the second quarter, up 3.7 percent from the previous year.

The corporate logo of SK Telecom Co. is shown in this undated photo provided by the company. (PHOTO NOT FOR SALE)(Yonhap)

SK Telecom said a strong performance from its chipmaking affiliate SK hynix Inc. improved its bottom line.

Equity gains totaled 267 billion won in the second quarter, compared with 136.1 billion won a year earlier, according to the company.

SK Telecom holds a 20 percent stake in the chipmaker, which reported last month that net income more than doubled on-year in the second quarter.

The mobile carrier said its mobile network business recorded improved sales despite the COVID-19 pandemic.

Sales from its mobile network business reached 2.94 trillion won in the second quarter, up 3.2 percent from a year earlier, thanks to a rise in 5G subscribers.

The carrier had 3.35 million 5G subscriptions in the April-June period, up 700,000 from the previous quarter, it said.


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