LG HelloVision Reports 27% Increase in 1Q Operating Profit... Strong Performance in Cable TV and Budget Mobile Services

Sales Increased by 11% Year-on-Year to 285.6 Billion KRW

[Asia Economy Reporter Cha Min-young] LG HelloVision recorded an operating profit 27% higher than the previous year in the first quarter, driven by growth across all business divisions including cable TV, internet, and MVNO (Mobile Virtual Network Operator) services.

LG HelloVision announced on the 13th that its consolidated sales for the first quarter of this year reached 285.6 billion KRW, with an operating profit of 12.9 billion KRW. These figures represent increases of 11% and 27%, respectively, compared to the same period last year. Net profit also rose by 48.5% during the same period, reaching 9.3 billion KRW.

Sales by division were as follows: ▲ Home 169 billion KRW (TV 136.2 billion KRW, Internet 29.5 billion KRW, Internet phone 3.3 billion KRW) ▲ MVNO 42 billion KRW (service sales 38.2 billion KRW, device sales 3.8 billion KRW) ▲ Media, rental, installment sales, and other sales 74.6 billion KRW.

LG HelloVision stated, "Since being acquired by LG Uplus, sales have steadily increased thanks to synergy effects with the LG Group," adding, "Net subscriber growth in cable TV and internet, partnerships with Disney Plus, and expanded Giga Internet coverage contributed to the strong performance."

They also noted, "MVNO subscribers are increasing mainly among the 20-40 age group," and added, "The rental business, including the 'Hello Rental Direct Mall' launched in December last year, as well as the media business supported by original content on local channels, are also receiving positive responses."

As part of a recent ICT-based regional specialization project, LG HelloVision signed a contract with the Gyeongsangnam-do Office of Education for a smart device distribution project worth 78.7 billion KRW. The first delivery reflected in this disclosure contributed to a 67.3% increase in other sales compared to the same period last year.

An Jae-yong, LG HelloVision’s Chief Financial Officer (CFO), said, "Despite intensifying market competition, performance is improving due to subscriber-based business results and growth in new businesses such as rental, media, and electric vehicle chargers," and added, "We will continue to focus on qualitative growth through differentiated customer experiences."

This content was produced with the assistance of AI translation services.