• LG Elec Q2 net profit jumps 165%

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    Global technology innovator LG Electronics (LG) reported a 165-percent year-on-year increase in second-quarter net profit to about $399.8 million,  reflecting strong earnings from both its mobile and TV operations.

    Operating profit for the period reached $588.5million, up 26.5 percent. Unaudited consolidated revenues hit $14.93 billion.

    Mobile business
    Profits rose on the back of LG Mobile’s record-high shipment of 14.5 million smartphones in the second quarter, a 20-percent increase year-on-year, with LTE products accounting for more than one-third of all LG smartphones sold this year.

    The company said that as a result, sales rose 16 percent from a year earlier to $3.51 billion, the company’s highest since the first quarter of 2010.

    The mobile division’s operating profit of $83.4 million in this quarter broke three consecutive quarters of losses.

    LG Mobile’s newest flagship product, the LG G3, was globally launched in May and has been instrumental to the brand’s business turnaround, the company said.

    In the Philippines, the LG G3 was launched in July and has since enjoyed a strong uptake, it said.

    Sung Woo Nam, LG Philippines managing director, said, “With LG G3 complementing our earlier phone models, we have been aggressively growing our market share in the Philippines’ premium mobile user segment.”

    “We look forward to further strengthening our foothold by offering innovative products that will really cater to Filipinos’ increasingly mobile and connected lifestyle,” he added.

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