SEOUL, July 29 (Yonhap) -- LG Uplus Corp., South Korea's No. 3 mobile carrier, said on Monday it swung to black in the second quarter from a year earlier thanks largely to increased profit from its wireless business.
Net profit reached 81.5 billion won (US$73.5 million) in the April-June period, compared with a loss of 32.1 billion won a year earlier, the company said in a regulatory filing.
Sales slipped 0.9 percent on-year to reach 2.76 trillion won in the second quarter, and operating income reached 145 billion won, also reversing from an operating loss of 153 billion won.
Shares of LG Uplus were trading at 13,100 won on the Seoul bourse as of 1:30 p.m., up 4.38 percent from the previous session's close.
The mobile operator said an increase in profit from its wireless service business in tandem with a rise in the number of subscribers to its long-term evolution (LTE) network helped it log better-than-expected results.
Revenue from its wireless business gained 18.6 percent on-year to reach 1.17 trillion won in the second quarter.
The number of subscribers to its LTE service totaled 5.9 million in the second quarter, gaining 129 percent from a year earlier, it said, adding that its LTE users make up over 56 percent of its total subscriber base.
LG Uplus said its marketing expenditure declined 8.3 percent on-year to 446 billion won in the second quarter, while its capital spending gained 6.7 percent on-quarter to 386 billion won.
The mobile operator said earlier it aims to boost profitability by improving its subscriber mix and increasing the number of its LTE customers to 8 million.