LG HelloVision said on the 6th that it posted revenue of 243.3 billion won and operating profit of 3 billion won in the second quarter this year.
Revenue fell 31.3% (110.8 billion won) from a year earlier, reflecting the contraction of the educational smart device distribution business and difficulties in the broadcasting and telecommunications market. Operating profit also decreased 71.7% (7.5 billion won) from a year earlier.
Net profit was 1.1 billion won, down 84.1% (6 billion won) from a year earlier.
By business line, broadcasting recorded 119.8 billion won, internet 33.5 billion won, and budget phones (MVNO) 36.8 billion won in revenue. Rentals came to 30.8 billion won, and region-based businesses, including media and B2B (business-to-business) transactions between corporations, totaled 21.9 billion won.
Broadcasting and budget phone revenue fell 2.7% and 9.9%, respectively, from a year earlier. The main reasons were lower video-on-demand (VOD) revenue for broadcasting and intensified competition for low-cost plans in the mobile market for budget phones. Revenue in the rental institutional sector declined 31.7% year over year as competition in the peak-season home appliance market intensified. Region-based businesses saw revenue fall during the adjustment of the business portfolio.
LG HelloVision said, "Broadcasting is introducing a genre-specialized VOD streaming service, the "flat-rate exclusive room," to maintain subscriber competitiveness, and budget phones are expanding customer choice by launching a variety of partnership plans, including insurance and coupon packs."