LG Telecom sales fall, profit soars
LG Telecom Co. has recorded a 388.4 percent increase in net profit to 1.78 billion won ($1.48 million) on sales of 518 billion won for the first quarter of this year. Although sales fell 12 percent, the company’s ordinary income rose 27.3 percent to 25.3 billion won on operating income of 44.5 billion won. The first-quarter figures were compared to the last quarter of last year. “Drastic cuts in marketing expenses led to the fall in sales,” a company spokesman said. “But the popularity of mobile Internet services contributed to the rise in revenues.” LG TeleCom had 4.85 million subscribers at the end of the first quarter, up 11.5 percent from the identical period last year.
with the Korea JoongAng Daily
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