LG Uplus said on May 2 its net profit increased 14.8 percent in the first quarter from a year earlier on the back of strong IPTV and internet business.
The nation’s No. 3 mobile carrier said it posted a net profit of 133 billion won ($113.8 million) in the January-March period, compared with 119 billion won a year ago.
Its sales gained 1.4 percent on-year to 3 trillion won, and operating profit advanced 3.7 percent to 195 billion won over the period, the company said in a regulatory filing.
Revenue from the smart home division surged 13 percent to 498 billion won in the first three months of this year, led by robust IPTV and high-speed internet business.
LG Uplus said its exclusive distribution deal with Netflix as well as differentiated TV content contributed to a 13 percent increase in the number of IPTV subscribers, which reached 4.2 million as of March.
The rising popularity of its IPTV also helped the growth of its high-speed Internet service, which often comes with the TV package, it noted.
The carrier said its capital spending soared 35 percent on-year to 277 billion won in the first quarter on increased investment in 5G network infrastructure.
Looking forward, LG Uplus said it plans to beef up efforts to expand its market share in the wireless business in light of the launch of the 5G commercial service last month.
The mobile carrier said it aims to build 50,000 5G base stations in the nation in the first half, with some 80,000 eyed by the end of this year to attract more users of the premium wireless service.
By Ram Garikipati and newswires (email@example.com)