4/25/2012 1:29:12 PM
LG Mobile profits triple to £21.2m
LG Electronics said today it had ‘turned the corner’ after LG Mobile more than tripled its quarterly profits in the first quarter of this year to £21.2m, compared to £6.5m in the final quarter of 2011 and the £55m loss it made a year ago.
The company attributed the uplift to ‘a better product mix and an increase in the proportion of smartphone sales.’
However, overall mobile revenues declined 14% year on year to £1.6bn as a result of declining feature phone sales. Shipments also decreased to 13.7 million, a fall of 22% from the previous three-month period.
Meanwhile, the increase in the company's smartphone revenue was attributed to the popularity of its Optimus LTE and Optimus Vu smartphones, particularly in its home market of Korea.
The company said it expects to strengthen its smartphone lineup even more in the second quarter with the introduction of its L-Style series and quad-core smartphones.