LG Telecom, South Korea's smallest wireless carrier by revenue, enjoyed an impressive third quarter as net profit nearly tripled from last year to $233 million. Sales also increased 12 percent to 987.1 billion won, while operating profit fell 3 percent to 98.6 billion won. The company's success is due in part to a move by the ministry of information and communication, which raised mobile-interconnection fees payable to SK Telecom by 6.3 percent, while cutting rates for its rivals, KT Freetel and LG by 14.2 percent and 14.5 percent, respectively.
For more on LG's quarter:
- see this WSJ article (sub. req.)