Eyesvision Posts KRW 7.5 Billion Operating Profit Through Q3, Up 3.4x Year on Year

Eyesvision, which operates the Eyes Mobile MVNO brand, posted record-high results for the cumulative first three quarters of this year. Improvements in the performance of its subsidiary Mercury, growth in MVNO subscribers, and expansion of its used-phone business combined to deliver its strongest results since joining the EToday Group.

Eyesvision said in preliminary operating results disclosed on Nov. 9 that consolidated revenue for the first three quarters of this year totaled KRW 160.1 billion, up 23.3% year on year. Operating profit for the same period rose 242.0% to KRW 7.5 billion, 3.4 times the amount recorded in the same period last year. The cumulative operating margin also increased from 1.7% to 4.7%.

This year, telecom operators faced higher costs due to reduced policy support, tighter regulations, and increases in wholesale rates and spectrum usage fees. They also continued to bear the costs of competition to attract new subscribers and rising prices and input costs. The business environment worsened further amid global supply disruptions for used mobile devices and higher logistics and foreign-exchange costs resulting from geopolitical instability in the Middle East.

Eyesvision continued to grow by focusing on partnership plans tailored to everyday needs. The number of subscribers to plans developed in partnership with Olive Young, Daiso, and Ediya Coffee, among others, increased 132% year on year. In the third quarter, its share of new subscriptions based on number portability reached 8.5%, placing it among the top independent MVNO operators.

Profitability improved alongside subscriber growth. Average revenue per user (ARPU) rose about 3%, from KRW 8,325 in March to KRW 8,541 in August. The company's operating profit from its MVNO business, including its September estimate, totaled KRW 5 billion, up 38.9% year on year.

The used-phone business also continued to grow. By expanding its export markets to Central Asia and Southwest Asia, the company recorded cumulative revenue of KRW 16.8 billion through September, double the KRW 8.4 billion reported in the same period last year. Eyesvision expects full-year revenue to reach approximately KRW 24 billion.

Eyesvision also plans to launch a used-phone trading platform this November that will provide transparent information on market prices and product quality. The company aims to develop it into a new growth driver by connecting its existing MVNO subscriber base with its used-phone export network.

An Eyesvision representative said, "Despite the challenging market environment, we significantly improved operating profit by growing our subscriber base, revenue per subscriber, and used-phone exports. We will build on our telecom services by adding a used-phone trading platform and make a leap forward as a 'platform company with telecom at its core.'"

This content was produced with the assistance of AI translation services.