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Wednesday, July 24, 2013
LG 2Q Profit Down, Smartphone Sales Up

LG Electronics reported a 9 percent fall in quarterly profit on Wednesday, as weak TV sales offset a recovery in the company's smartphone business.

LG's mobile phone business shipped 12.1 million smartphones between April and June, the highest ever in the company?s history.

Second-quarter earnings declined 8 percent from a year earlier largely due to increased marketing costs. Net profit reached 156 billion won (US$140 million) in the April-June period, compared with a profit of 169 billion won a year earlier, LG said.

Revenues in the 2013 second quarter rose 10.1 percent year-over-year, reflecting strong sales increases in most of LG?s business units.

The LG Home Entertainment Company reported revenues of KRW 5.5 trillion (USD 4.91 billion), an increase of 6.4 percent from the previous quarter and virtually unchanged year-over-year. Second-quarter operating profit of KRW 107 billion (USD 95.37 million) increased from the previous quarter thanks to stronger sales in developing markets and successful new models, but declined compared to the same period last year due to intense competition and slower demand resulting in a lower average selling price. The company is investing in the premium and large-screen TV market with the expansion of Ultra HD TV and OLED TV products in developed markets.

The LG Mobile Communications Company continued to improve its position in the second quarter recording revenues of KRW 3.12 trillion (USD 2.78 billion), an increase of 34.5 percent from the same period last year. Shipments from mass-market smartphone models such as L-Series II and F-Series are expected to drive sales growth, while high-end products such as G Pro and LG G2 should increase the company's product competitiveness.

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