LG Uplus reports 12.8% rise in Q2 profit

LG Uplus Corp., South Korea's third-largest mobile carrier, said Monday its net profit for the second quarter rose 12.8 percent from a year earlier, thanks to curbs in marketing spending.

LG Uplus reported a net profit of 130.7 billion won ($117.4 million) for the April-June period, compared with a profit of 115.9 billion won for the same quarter last year, according to the company's regulatory filing. 

South Korean telecom firms have benefited from a 2015 law that kept fierce competition to woo customers with hefty subsidies in check.

Second-quarter operating profit, however, fell 6.4 percent on year to 180.1 billion won. Sales gained 8.2 percent to 2.87 trillion won.

LG Uplus said its average revenue per user, a key indicator of a mobile carrier's profitability, rose to 36,027 won for the second quarter, from 35,839 won in the previous quarter.

The number of subscribers rose 4.9 percent on year to 12.26 million, LG Uplus said. (Yonhap)