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Wednesday, July 22, 2009

LG profits are up – and more growth expected

Last week we had quarterly figures from Nokia and Sony Ericsson that didn’t make particularly cheery reading. This week LG Electronics has announced its quarterly results… and they’re rather more positive. The company has posted record-high earnings in sales and operating profit, with total global sales up 13.8% to 14.497 trillion Korean Won (around £7 billion) year-on-year and operating profit up to KRW 1.133 trillion (£550 million).

LG’s Mobile Communications business reported KRW 5.140 trillion (£2.5 billion) in sales, up 25.8% year-on-year, with an operating profit of KRW 545 billion (£266 million). Handset sales accounted for KRW 4.877 trillion (£2.38 billion), up 29.9%, and handset shipments were up 7.8% year-on-year. And even though LG things the global mobile phone market will drop by around 6% this year, it expects steady growth with its own products. [Press release]

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