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Wednesday, July 27, 2011

LG reveals quarterly profit, although mobile business still makes a loss

LG Electronics has published its quarterly results for the three-month period ending 30th June 2011. After two consecutive quarters of losses, LG made a net profit of 108 billion Korean Won and an operating profit of KRW 158 billion (£91 million). Revenue for Q2 2011 was up 9.3% from the previous quarter to KRW 14.4 trillion (£8.35 billion).

Losses in the company’s handset business - LG Mobile Communications Company - were down, although it still recorded a loss of KRW 54 billion. Sales were up 11.6% on the previous quarter to KRW 3.25 trillion.

In a statement, LG Electronics said it “expects to see modest growth year-over-year in the third quarter of 2011 with new product launches in major categories and creative marketing activities across its various 3D products. For the long-term, the company will continue to strengthen profitability through aggressive cost innovation and strategic investments in existing as well as new business areas.”

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Author: The Fonecast
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Categories: Handsets and manufacturers, NewsNumber of views: 791

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