LG Uplus booked growth across all business units in Q2, with its mobile business benefitting from a recovery in roaming, an increase in MVNO subscribers and steady 5G adoption.

On an earnings call, CFO Yeo Myung-hee attributed a rise in profit to sustained revenue growth in mobile, home, B2B and new businesses, and cost-efficiency gains.

Yeo said an exclusive connected-car contract secured with Hyundai left it expectant its IoT business will become a growth engine and have a higher mobile contribution.

Wireless service revenue increased 2.5 per cent year-on-year to KRW1.5 trillion ($1.2 billion). The operator stated the growth was aided by the introduction of usage-based pricing plans aimed at young adults.

It added 1.3 million 5G subscribers for a total of 6.7 million, with overall users up 7.3 per cent to 16.8 million and MVNO 47.2 per cent to 4.9 million.

Mobile ARPU fell 4.5 per cent to KRW28,304.

Handset sales were flat at KRW532.3 billion.

Net profit grew 31.7 per cent to KRW213.3 billion and revenue 1.6 per cent to KRW2.9 trillion.

IPTV revenue increased 2.8 per cent to KRW336.9 billion and broadband 5.6 per cent to KRW266.1 billion.

Its enterprise business was up 1.1 per cent to KRW409.4 billion.

IoT connections rose 39.2 per cent to 7.1 million.

Capex increased 8.2 per cent to KRW661.3 billion.