LG Electronics Result 29/10/2014

LG Electronics has announced its third quarter results, posting turnover of KRW14.9 trillion ($14.3 billion) for the quarter, an increase of 7.4% year on year from KRW13.9 trillion ($13.3 billion), while net profit for the quarter was 86.7% higher at KRW202.6 billion ($193.6 million) from KRW108.5 billion ($103.6 million) in Q3 of the previous year. LG’s home entertainment business contributed KRW4.7 trillion ($4.5 billion) to total turnover, a slight decline of 3% from the same period last year, though the company saw a year on year increase in sales of LCD TVs in the US, Europe, Asia and the Middle East. LG said that it expects sales of UltraHD TVs and commercial digital signage products to grow, while market demand for monitors and AV products is expected to slow. The mobile communication unit shipped a record-breaking 16.8 million smartphones in Q3, an increase of 39% YoY and 16% more than the previous quarter. The mobile unit also recorded the highest sales in the company’s history since Q3 2009 of KRW4.2 trillion ($4 billion).