SEOUL – LG Uplus Corp. reported a 22.8% decrease in net income for the second quarter, totaling 164.6 billion won ($119.6 million), amidst a backdrop of moderate sales growth and operational shifts.
According to Yonhap News Agency, the telecommunications firm recorded a net profit drop compared to the previous year's quarter, although operating profit also fell from 288 billion won to 254 billion won. Sales, however, experienced a slight increase of 1.9%, reaching 3.49 trillion won. Despite the lower profits, LG Uplus exceeded market expectations, with net profit surpassing the average analyst estimate of 161.4 billion won as surveyed by Yonhap Infomax.