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Wednesday, October 26, 2011

LG quarterly results show drop in mobile business

LG Electronics has reported financial results for the three-month period ending 30th September 2011. It says sales were affected by the sluggish global economy, with losses on investments leading to a quarterly net loss. However, it notes that cost controls and efficiency improvements meant operating income improved for all its four companies compared with the same period last year.

Third quarter revenues were down 4% year-on-year to 12.9 trillion South Korean Won (£7.13 billion), with the company making a quarterly loss of KRW 414 billion (£229 million).

Sales in the LG Mobile Communications Company decreased 8.5% year-on-year to KRW 2.76 trillion, with this company revealing an operating loss of KRW 139 billion. LG says it plans to focus on its smartphone business and increase sales of 4G LTE handsets to drive sales and profit improvements in the quarters ahead.

21.1 million LG handsets were shipped in Q3 2011.

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Author: The Fonecast
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Categories: Handsets and manufacturers, NewsNumber of views: 725

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