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Wednesday, April 27, 2011

LG says "profit recovery on track" in quarterly results

LG Electronics has announced financial results for the three-month period ending 31st March 2011. In a statement, the company said “stronger operating profits reflected successful cost-reduction efforts and steady performance in all four business units”. It expects to see more growth thanks to its LG Optimus smartphones and its 3D televisions.

Sales revenue was KRW 13.2 trillion (around £7. 4 billion), which was 0.4% down year-on-year. LG recorded an overall KRW 16 billion net loss, although operating profit showed an increase to KRW 131 billion after two consecutive quarters of losses.

At the LG Mobile Communications Company, first quarter revenue decreased by 8.3% year-on-year to KRW 2.9 trillion.

[Results]

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