10/24/2012 10:49:16 AM
Smartphone surprise boosts LG's results
A surprise smartphone boost has led LG to report operating profits of KRW221bn (£122.1m), reversing the KRW32bn loss it made a year ago.
It said weak demand and falling feature phone sales caused company sales for the three months to 30 September to drop 4% to KRW12.38tr (£6.84bn). However, it said its mobile wing had a 'significant' improvement during the trading period, reporting an operating profit of KRW22bn (£12.1m). It said this was caused by sales of LTE phones in Korea, Japan and the United States, as well as a strong performance by its L-Series handsets.
Sales were up 5% on the previous quarter to KRW2.45tr (£1.35bn) and it shipped more than 14 million units, up 9% on its second quarter.
The company was bullish about its fourth quarter prospects and said it expects sales and shipments to grow because of the launch of its Optimus G 'superphone' and anticipated sales of its Optimus Vu:2 in Korea.
Editor: Graeme Neill