LG Uplus records 61% drop in net profit in 1Q12 as operating expenses rise

South Korea’s smallest mobile network operator by subscribers, LG Uplus, has released its financial results for the three months ended 31 March 2012, revealing a 61% drop in net profit as expenses increased following the rollout of its Long Term Evolution (LTE) network. For the telco’s first quarter of the 2012 financial year it posted a net income of KRW22.1 billion (USD19.89 million), down from KRW57.0 billion in the same period of 2011.

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OVETEL LG Uplus records 61% drop in net profit in 1Q12 as operating expenses rise