Korean mobile carrier LG Uplus will foster drone business as one of its new growth drivers by expanding its fledgling aerial robotics to a wide range of businesses in the public and private sectors, including transportation, logistics and safety inspections, powered by its nationwide wireless network.

The company officially added unmanned aerial systems as part of business diversification on the wireless network to its business purpose during an annual shareholder’s meeting held Friday morning. The new business involves the purchase, manufacturing/leasing, maintenance, repair or remodeling of drones and related modules.

Shares of LG Uplus Friday closed up 3.21 percent at 12,850 won from the previous session.

LG Uplus recently launched LTE Drone Total Service to provide customized LTE drones, cloud control and comprehensive insurance coverage. It also installed a drone control center in Seoul to send real-time images at disaster sites through drones to help authorities respond to emergency situations in a timely manner.

LG Uplus vice chairman and CEO Kwon Young-soo told shareholders that "we will lead the market in new business areas of drone, intelligent CCTV, augmented reality, virtual reality and mobile IoT. This year we will be positioned as a distinctive leader in home media and IoT services based on differentiated services and strategic partnership.”

Meanwhile, LG Uplus raised its cash dividend by 14.3 percent to 400 won ($0.37) per share for 2017 on the 11 percent increase of net profit. Dividend payments will total 174.6 billion won. The company reported 9.4 trillion won in sales, 826.3 billion won in operating profit and 547.1 billion won in net profit. The net debt to equity ratio fell by 20.8 percent on-year to 54.7 percent.

By Seo Dong-cheol and Minu Kim

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