LG Uplus Q3 net falls 32% on 5G investment

Seoul: LG Uplus Corp., South Korea’s No. 3 mobile carrier, has said its net profit dropped 32.1 per cent in the third quarter (Q3) from a year earlier due to increased spending for 5G infrastructure buildup and marketing.

Net profit stood at 104.5 billion won or $89.5 million in the July-September period, compared with 153.8 billion won a year ago, LG Uplus said in a regulatory filing, Yonhap news agency reported on Friday.

Third-quarter sales rose 8.4 per cent on-year to 3.2 trillion won, and operating profit decreased 31.7 per cent to 155.9 billion won over the three-month period, the firm said.