April 19, 2024

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[THE INVESTOR] Korea’s No. 3 mobile carrier LG Uplus said on Nov. 1 its third-quarter net profit increased 7.7 percent from a year earlier due to the rapid growth of its internet business.

Its net profit came to 153.8 billion won (US$135.10 million) during the July-September period compared to 142.8 billion won the previous year, the company said in a regulatory filing.

Operating profit increased 6.5 percent on-year over the cited period to 228.1 billion won. Sales edged down 2.2 percent on-year to 2.99 trillion won.

LG Uplus said its net profit got a boost from robust growth in its Internet businesses, noticeably its Internet Protocol television service.

The number of subscribers of its IPTV service stood at 3.91 million in the cited period, up 13.9 percent from a year earlier, the company said.

Sales from the IPTV business surged 31.5 percent on-year to a quarterly record-high of 253 billion won.

LG Uplus is the only mobile carrier with an increase in operating income, as SK Telecom, the country’s largest mobile carrier KT. witnessed cuts in revenues due to an increased number of users signing up for monthly discounts of 25 percent.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)