LG’s mobile division has reported a 16.8% increase in revenues to 4.253 trillion won, fuelled by strong sales of mid and high end models such as the Cookie and Viewty. The manufacturer reported its results for the first quarter ended March 31 today (21 April).
LG shipped 22.6 million phones during the period – down 12% from the previous quarter and 7% from a year earlier, as economic conditions worsened.
The company said it expects to return to growth in Q2, but it expects a 10% decline in sales this year due to global contraction of the handset market.
Operating profit in LG’s mobile division fell to 255bn won from 457bn won a year earlier. The company said it will work on improving market share and profitability for the rest of the year. It is currently the world’s number three phone maker.
Overall, LG Electronics, which also makes products such as flat-screen TVs, reported a 25% drop in first quarter profits to 456bn won £231.6m, beating analysts’ forecasts.