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(LEAD) LG Uplus' Q3 net nearly quadruples on robust mobile biz

All News 11:16 November 05, 2020

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SEOUL, Nov. 5 (Yonhap) -- LG Uplus Corp., a South Korean telecom operator, said Thursday its net income nearly quadrupled in the third quarter thanks to strong growth in its mobile service and smart home businesses.

The telecom operator's net income stood at 403.4 billion won (US$356.3 million) in the July-September period, up 286.2 percent from 104.5 billion won the previous year, according to a regulatory filing.

Operating income reached 251.2 billion won, up 60.6 percent over the same period, while sales rose 5.9 percent to 3.34 trillion won.

This file photo, taken July 23, 2020, shows the logo of LG Uplus Corp. at its headquarters in central Seoul. (Yonhap)

LG Uplus credited its robust bottom line to increased subscribers in its mobile and smart home businesses.

The company said sales from its wireless business in the third quarter rose 5.4 percent on-year to 1.38 trillion won.

LG Uplus' wireless service subscribers reached 16.3 million in the July-September period, rising 8.7 percent from the previous year.

The carrier said its 5G users reached 2.17 million in the same quarter, accounting for 19.2 percent of its total mobile phone subscriptions.

Sales from the company's smart home business, which includes its internet protocol TV and broadband services, rose 12.5 percent on-year to reach 514.3 billion won in the third quarter.

yunhwanchae@yna.co.kr
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