(LEAD) LG Uplus turns to red in Q4 due to one-off factor
(ATTN: REWRITES throughout; ADDS photo)
SEOUL, Feb. 6 (Yonhap) — LG Uplus Corp., a major South Korean mobile carrier, said Thursday it swung to a net loss in the fourth quarter of 2024 due to a one-off factor.
The company’s net loss for the three months ending in December reached 77 billion won (US$53.2 million), shifting from a profit of 105.2 billion won a year earlier, the company said in a regulatory filing.
It posted 142.2 billion won in operating profit for the quarter, compared with 195.5 billion won a year ago. Sales fell 1.8 percent to 3.75 trillion won.
LG Uplus attributed the weak bottom line to an asset impairment loss from its cable TV unit LG HelloVision Corp.
LG Uplus acquired the unit in 2019 for 800 billion won from CJ Group, but the company has been struggling due to a rapid change in the local media industry.
The corporate logo of LG Uplus Corp (Yonhap)
For all of 2024, LG Uplus reported a net profit of 352.9 billion won, down 44 percent from a year earlier.
Its operating profit for the year fell 13.5 percent on-year to 863.1 billion won, while annual revenue increased 1.8 percent to 14.62 trillion won.
Sales from the mainstay mobile business rose 1.8 percent to 6.42 trillion won for 2024, as the number of its wireless service subscriptions jumped 13.6 percent on-year to 28.51 million.
Revenue from the infrastructure unit, which is in charge of its internet data center and other B2B businesses, also climbed 1.3 percent to 1.7 trillion won on the growth of artificial intelligence (AI)-related services, including AI contact centers and AI transformation solutions.
The smart home business unit, which includes IPTV and internet service, also reported 2.5 trillion won in sales, up 3.7 percent from a year ago.
brk@yna.co.kr
(END)
