LG HelloVision Reports Operating Profit of 7.4 Billion KRW, Down 46.8% YoY

LG HelloVision Q2 Business Performance Announcement
Revenue 283.6 Billion KRW...1.1% Decrease Compared to Same Period Last Year

LG HelloVision announced on the 7th through a preliminary business performance disclosure that its second-quarter sales amounted to 283.6 billion KRW, and operating profit was 7.4 billion KRW. Net profit recorded 5.1 billion KRW.

Second-quarter sales decreased by 1.1% (3.1 billion KRW) compared to the same period last year, and operating profit decreased by 46.8% (6.5 billion KRW) compared to the same period last year.

By business segment, broadcasting achieved 128.7 billion KRW, telecommunications 34.0 billion KRW, and MVNO (Mobile Virtual Network Operator) business revenue reached 39.3 billion KRW. Regional-based businesses including media and B2B recorded 49.8 billion KRW, and rental recorded 31.2 billion KRW.

LG HelloVision is focusing on growth and business diversification. In the broadcasting and telecommunications sectors, it is maintaining a net increase in internet subscribers, and in the MVNO sector, it introduced a reasonable USIM fee plan aligned with the launch of new devices.

Rental and regional-based businesses showed growth. In the rental sector, sales of seasonal home appliances such as air conditioners, dehumidifiers, air purifiers, and food waste disposers increased in response to the spring and summer seasons, and the company is also innovating customer experience through the direct mall's 'Artificial Intelligence (AI) Review Summary' service.

In the media sector, LG HelloVision secured competitiveness by relaunching original programs such as 'Taegun Singing Contest Season 2' and 'The Neighbor Sister Who Cooks Seasonal Dishes Season 3,' and by rebranding the drama-specialized channel 'The Drama' as the specialized entertainment channel 'The Life 2.' The IP-based premium broadcasting service 'HelloTV Pro' was also launched in April.

Accordingly, although sales and operating income decreased compared to the same period last year, they increased by 6.1% (16.4 billion KRW) and 1.1% (3.1 billion KRW), respectively, compared to the first quarter.

Lee Min-hyung, Executive Director (CFO) of LG HelloVision, said, "In the second quarter, existing businesses such as cable broadcasting and MVNO showed stability, and performance improved compared to the previous quarter due to the growth of new businesses such as rental, commerce, and regional-based businesses. In the second half of the year, we will lead additional growth focusing on qualitative growth of the home business and the three major regional new businesses (culture & tourism, education, commerce)."