By Joseph Waring
South Korean operator LG Plus blamed flat revenue in the opening quarter of 2022 on weak handset sales caused by delays in the launch of new flagship devices, and maintained a target of 5 per growth in service revenue for the full year.
CFO Lee Hyuk-ju stated it registered growth across all business areas by launching new service packages and forging deals with content partners.
Net profit fell 15.2 per cent year-on-year to KRW170.4 billion (US$132.7 million), credited mainly to lower margins on handsets. Revenue was flat at KRW3.4 trillion.
Mobile service revenue grew 1.5 per cent to KRW1.4 trillion and handsets dropped 12.3 per cent to KRW635.8 billion.
The operator added 1.7 million 5G users to close March with more than 5 million. Total subscribers increased 3.8 per cent to 15.4 million.
Smart home sales covering IPTV and broadband increased 9.7 per cent to KRW581.6, while its enterprise business grew 6.7 per cent to KRW362.4 billion.
Capex was down 4.8 per cent to KRW361.6 billion.
