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(LEAD) LG Uplus Q2 net up 40 pct on 5G, new biz

All News 11:19 August 06, 2021

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

SEOUL, Aug. 6 (Yonhap) -- LG Uplus Corp., a major South Korean mobile carrier, said Friday its second-quarter net profit grew 40 percent thanks to the continued growth of 5G mobile subscriptions and its business infrastructure division.

Net profit in the April-June period stood at 210.5 billion won (US$184.2 million) on a consolidated basis, compared with 150.6 billion won the previous year, according to a company statement.

Operating profit rose 12 percent on-year to 268.4 billion won in the second quarter, while sales increased 2.2 percent to 3.34 trillion won over the cited period.

This file photo, taken July 23, 2020, shows the entrance to LG Uplus Corp.'s headquarters in central Seoul. (Yonhap)

The mobile carrier said sales from its wireless division grew 5.7 percent on-year to 1.5 trillion won in the second quarter thanks to continued subscriber growth.

LG Uplus' total wireless service subscribers, including those from its subsidiary LG HelloVision Corp., stood at 17.2 million as of the end of June, up 8.4 percent from the previous year.

Users on 5G more than doubled on-year to reach 3.7 million over the same period, keeping the company on track to reach its goals of 4.5 million users on the latest generation network this year.

The company added that its business infrastructure division, which includes internet data centers, logged robust growth, with sales reaching 388.8 billion won in the second quarter, up 12.7 percent from the previous year.

LG Uplus has recently stepped up investment in internet data centers, committing over 300 billion won in May to build a new facility by 2023.

Sales from the telecom operator's smart home business, which includes its internet protocol TV and high-speed internet services, stood at 538.7 billion won in the second quarter, up 8.9 percent from the previous year. The company's IPTV subscriptions grew 9.4 percent on-year to reach 5.17 million.


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