LG Hellovision said on Wednesday it posted first-quarter revenue of 255.4 billion won and operating profit of 5.1 billion won. Revenue fell 18.5 percent and operating profit dropped 28.4 percent from a year earlier. Net profit was 3.0 billion won.

It cited a shrinking market for its education smart device supply business, weakness in the paid TV market and adjustments to its regional business portfolio as factors behind the revenue decline.

Operating profit improved 13.0 billion won from the previous quarter as one-off costs related to a voluntary retirement program in the prior quarter were resolved, turning the result positive.

Revenue by segment was 120.2 billion won for broadcasting, 36.8 billion won for MVNO, 40.9 billion won for rental, 33.8 billion won for internet and 22.5 billion won for regional business.

The rental segment grew 27.2 percent from a year earlier as demand increased for products tailored to the MZ generation such as robot vacuum cleaners and StandbyME. Regional business revenue fell 45.3 percent during portfolio adjustments. Broadcasting edged down on lower video-on-demand revenue, and MVNO revenue fell amid intensifying competition among mobile carriers over low-priced plans, it said.

Kim Young-jun (김영준), an executive director at LG Hellovision, said, "Even amid stagnation in the paid TV market, we focused on improving management efficiency and stabilising the business." He said, "We will continue to secure a foundation for sustainable growth by prioritising improved profitability and substance-focused operations."