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Monday, January 27, 2014

LG financial results improve for 2013 despite loss in final quarter

LG Electronics has announced its financial results for 2013, along with figures for the final quarter of the year.

Annual revenue reached KRW 58.14 trillion (£32.4 billion) with net profit of KRW 222.70 billion (£124.2 million); an improvement from the previous year. Operating profits were up to KRW 1.28 trillion (£714 million) from KRW 1.22 trillion (£681 million).

Consolidated revenue for the fourth quarter was KRW 14.92 trillion (£8.32 billion) with operating profit of KRW 238.1 billion (£132.8 million) but a net loss of KRW 63.5 billion (£35.4 million). However, this is considerably less than the Q4 loss in 2012.

The company’s mobile phone business - the LG Mobile Communications Company - reported a 29% increase in annual revenue and an 18% increase in fourth-quarter revenue. Smartphone shipments in the final quarter were up 54% year-on-year (and 9% on the previous quarter) to 13.2 million units.

[LG results presentation (pdf)]

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Author: The Fonecast
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