LG HelloVision announced on the 8th, through the consolidated financial statements disclosure, that it recorded operating revenue (sales) of 286.7 billion KRW, operating profit of 13.9 billion KRW, and net profit of 8.4 billion KRW for the second quarter of 2023.
Operating revenue for the second quarter increased by 4.7% compared to the same period last year, and operating profit rose by 6% year-on-year.
By business segment, home revenue was 166.8 billion KRW (TV 132.7 billion KRW, internet 31.3 billion KRW), MVNO (Mobile Virtual Network Operator) revenue was 41 billion KRW, and other revenue including media and rentals amounted to 78.7 billion KRW.
Overall, the business areas continued to see net subscriber growth. In the home segment, cable TV subscribers increased compared to the previous quarter, and internet subscribers steadily maintained net growth. The company explained that the qualitative growth strategy focused on increasing subscribers through UHD broadcasting and Giga Internet, along with continuously strengthening the competitiveness of broadcasting and telecommunications products via the online direct mall, played a key role.
The MVNO subscriber growth trend also continued. This was the result of service improvements such as enhancing the competitiveness of rate plans considering the characteristics of the core MZ generation customer base for budget phones, releasing the content ‘Everything about eSIM,’ and the non-face-to-face channel of the direct mall. Meanwhile, by unifying the websites for cable TV, mobile, rentals, and Jecheoljangteo, the company maximized digital synergy between businesses by enhancing service and product connectivity.
Other revenue was supported by growth in the rental and media businesses. In the rental segment, sales of seasonal home appliances such as air conditioners, dehumidifiers, and food waste disposers increased with the arrival of spring and summer. The media business saw an increase in the fixed viewer base for local channels, thanks to original programs co-produced with broadcasting channel operators (PPs) such as ‘Eye-catching Women Season 3’ and ‘Taegun Singing Contest.’
New attempts continue, such as developing differentiated products unique to regional channel commerce. Through ‘Ttangkkeut Village Haenam Kimchi,’ the first regional win-win product created in collaboration with local governments, the company is contributing to regional branding. Starting with Haenam Kimchi, it plans to continuously discover original products for regional commerce.
Lee Min-hyung, Executive Director (CFO) of LG HelloVision, said, “The first half of 2023 showed meaningful growth by business segment, with simultaneous improvements in operating revenue and operating profit. In the second half, we will further expand synergy through bundled sales between businesses to strengthen the competitiveness of broadcasting and telecommunications services.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
