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(LEAD) LG Uplus Q2 net jumps on 5G subscribers, IPTV services

All News 09:16 August 07, 2020

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

SEOUL, Aug. 7 (Yonhap) -- LG Uplus Corp., South Korea's No. 3 mobile carrier, said Friday its second-quarter net income jumped 53 percent from the previous year on the back of increased subscribers to its mobile and IPTV services.

Net income stood at 150.6 billion won (US$127.2 million) in the April-June period, compared with 98.5 billion won the previous year, the company said in a regulatory filing.

Operating profit surged 59.2 percent to 239.7 billion won, while sales rose 5.1 percent to 3.27 trillion won over the same period.

LG Uplus Corp.'s corporate logo is shown at the company's headquarters building in central Seoul on July 23, 2020. (Yonhap)

LG Uplus attributed its performance boost to increased subscribers to its wireless business.

The company said sales from its wireless service rose 4.9 percent on-year to 1.35 trillion won in the second quarter, thanks to a steady increase in 5G subscribers.

LG Uplus' total wireless service subscribers stood at 15.9 million in the second quarter, compared with 14.7 million a year ago.

Its 5G subscribers represented 11.3 percent of its total subscribers as of the first half of this year, sharply up from just 2.6 percent the previous year, according to the company.

Sales from the company's smart home business, which include its IPTV and broadband services, rose 10.5 percent on-year in the April-June period to reach 494.6 billion won.

The company said it had 4.73 million IPTV subscribers as of the second quarter, up 11.5 percent from the previous year.

It said its capital expenditures for the second quarter stood at 625.3 billion won, leading to a total of 1 trillion won spent in the first half of the year.


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