KT, LG Uplus take profit hits - Mobile World Live

KT, LG Uplus take profit hits

11 MAY 2023
A sunset over Han River, Seoul, with a bridge spanning open water in the foreground and a cityscape lit by streetlights in the background.

KT and LG Uplus each recorded continued uptake of 5G services and growth in handset sales during Q1, but net profit declined.

Net profit for KT dropped 32 per cent year-on-year to KRW242.7 billion ($182.7 million), impacted by a one-off asset sale in Q1 2022. Operating revenue grew 2.6 per cent to KRW5.7 trillion.

Its wireless revenue grew 1.1 per cent to KRW1.6 trillion and handsets sales increased 2.5 per cent to KRW729.7 billion.

ARPU grew 4.5 per cent to KRW33,771. It added 1.9 million 5G subscribers for a total of 8.9 million, though its overall base was flat on 17.5 million.

MVNO customers grew 21.6 per cent to 8.6 million.

Its media unit booked 2.2 per cent growth to KRW506.9 billion and mobile platform business 10.9 per cent to KRW59.1 billion.

Broadband revenue increased 2.8 per cent to KRW607.9 billion and fixed telephony dropped 2.8 per cent to KRW218.4 billion.

LG Uplus’ net profit fell 9 per cent to KRW155 billion, impacted by a 5.1 per cent rise in operating expenses and a 43.6 per cent increase in capex to KRW519.2 billion.

Service revenue was up 1.8 per cent to KRW2.8 trillion.

Wireless service review increased 3.2 per cent to KRW1.5 trillion and handsets 12.8 per cent to KRW717 billion.

ARPU fell 3.4 per cent to KRW28,715.

It signed up nearly 1.4 million 5G subscribers for a total of 6.4 million.

Total mobile subscribers increased 5.3 per cent to 16.2 million.

MVNO customers rose 41.1 per cent to 4.3 million.

Revenue at its Smart Home business, covering IPTV and broadband, increased 2.2 per cent to KRW594.3 billion and enterprise revenue 1.7 per cent to KRW368.4 billion.



Joseph Waring

Joseph Waring joins Mobile World Live as the Asia editor for its new Asia channel. Before joining the GSMA, Joseph was group editor for Telecom Asia for more than ten years. In addition to writing features, news and blogs, he...

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