LG Uplus Goes Black in Q4 on 5G User Growth, Records Record Full Year Operating Profit

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LG Uplus Corp., South Korea’s third-largest mobile operator, said on Friday it went black in the fourth quarter from a year earlier due to growth in 5G network subscriptions.

Net profit for the October-December period came to 101.8 billion won ($84.5 million), marking a turnaround from a loss of 224.7 billion won a year earlier, it said. stated the company in a regulatory filing.

The company’s operating profit fell 9.8% year-on-year to 158.2 trillion won, while sales rose 2.7% year-on-year to 3.61 trillion won during the period mentioned.

South Korea’s third-largest mobile operator said its annual operating profit jumped 10.5% to an all-time high of 979 billion won last year, although it was slightly below the company’s goal of 1 trillion won.

The company said in a statement that broader growth in subscribers to its mobile network and Internet Protocol Television (IPTV) services helped boost its performance in the quarter.

Sales of the mobile operator’s wireless services business rose 0.1 percent year-on-year to 1.52 trillion won on the back of growth in its 5G network subscribers.

The total number of subscribers to LG Uplus wireless services, including those of its subsidiary LG HelloVision Corp., stood at 18 million at the end of December, up 8% from a year earlier.

The telecom operator’s smart home business, which includes its IPTV and broadband internet services, posted revenue of 566.5 billion won, up 9.5% from the previous year. last year.

The mobile operator added that its business infrastructure division, which includes internet data centers, recorded robust growth, with sales reaching 397.7 billion won in the fourth quarter, up 10.2 % compared to the previous year.

The company recorded a solid annual performance thanks to the increase in the number of mobile subscribers. For 2021, LG Uplus’ sales rose 3.2% year-on-year to 13.85 trillion won, and its net profit jumped 51.5% to 724.2 billion won.

The company’s 5G user base has grown steadily, reaching 4.46 million at the end of November last year, according to government data. (Yonhap)

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