LG HelloVision said on Wednesday its second-quarter operating profit on a consolidated basis fell 71.7 percent from a year earlier to 3 billion won.

Revenue fell 31.3 percent to 243.3 billion won and net profit was 1.1 billion won. From the previous quarter, revenue fell 4.7 percent and operating profit dropped 41.8 percent.

The company said a shrinking market for its education smart-device rollout business and a slowdown in the broadcasting and telecoms market affected results.

Revenue by segment was 119.8 billion won for broadcasting, 33.5 billion won for internet, 36.8 billion won for MVNO, 30.8 billion won for rentals and 21.9 billion won for region-based business including media and business-to-business transactions.

Broadcasting and MVNO revenue fell 2.7 percent and 9.9 percent, respectively, from a year earlier. Broadcasting was affected by lower video-on-demand revenue, while MVNO was hit by competition over low-priced plans in the mobile market.

Rental revenue fell 31.7 percent from a year earlier as competition intensified in the home appliance market during the peak season. Revenue at its region-based business also fell as it adjusted its business portfolio.

LG HelloVision is introducing a genre-focused VOD streaming service called the 'Monthly Subscription Zone' in its broadcasting business. In its MVNO business, it is expanding partner plans that combine insurance and coupon packs.

Kim Young-joon (김영준), an executive director at LG HelloVision, said, "We will lay the groundwork to restore competitiveness and profitability through continuous management efficiency improvements in the second half as well."