Science & technology
LG Electronics profit surges 165%
Publish Date: Jul 24, 2014
LG Electronics profit surges 165%
A file photo taken on September 6, 2013 showing people wearing 3D glasses as they look at a video wall at the booth of South Korean electronics giant LG at the 53rd IFA (Internationale Funkausstellung) electronics trade fair in Berlin. PHOTO/AFP
  • mail
  • img
newvision

SEOUL - LG Electronics posted a 165 percent surge in second-quarter net profit Thursday from a year ago, on solid TV sales and a dramatic turnaround in its long-troubled mobile unit.

Net profit for the South Korean electronics giant in the April-June period amounted to 412 billion won ($399.8 million), LG said in a statement.

Operating profit also soared 26.5 percent for the previous year to 606 billion won, while sales rose 0.9 percent to 15.37 trillion won.

Operating profit of the firm's TV unit -- which accounts for the lion's share of LG's overall sales -- rose 65 percent on-year to 154.5 billion won, LG said, adding its TV sales remained nearly unchanged at 5.09 trillion won.

The firm noted the popularity of its ultra high-definition TVs in key markets.

LG's handset unit also recorded a dramatic turnaround with an operating profit of 85.9 billion won after racking up losses for three past consecutive quarters.

The world's fifth-largest smartphone maker struggled for years with sluggish sales after making a late entry to the market following competitors like Samsung.

But the firm recently showed signs of revival, shipping a record 14.5 million smartphones in the second quarter, a 20 percent increase from a year ago.

"Much of the success was due to the initial popularity of the LG G3 in the Korean market and strong sales of L series smartphones," it said.

LG's latest flagship smartphone, the G3, won rave reviews after its launch in May.
 

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
Microsoft to tap $2-trillion Indian cloud market
Microsoft announced plans Tuesday to offer its commercial cloud services from Indian data centres as it seeks to tap what it calls a $2-trillion market in the country where Internet use is growing rapidly....
China clears way for Apple iPhone 6 sales: regulator
China has cleared the way for Apple to sell its latest iPhones in the key market by granting it a licence, the industry regulator said Tuesday, after the US giant agreed to improve the security of users'' personal details....
Whistleblower phone application seeks to outsmart corruption in Uganda...
Up to half of Earth
Up to half the water on Earth is likely older than the solar system, raising the likelihood that life exists elsewhere in the galaxy, according to a study Thursday....
Long-held views on Stone Age tools questioned
Innovative Stone Age tools may have been developed by people in Eurasia and not just invented in Africa, a study shows....
Apple sorry for software glitch, defends new iPhones
Apple made a rare apology Thursday for a software bug that has seen iPhone users lose service, while seeking to quell a storm over reports that its new handsets are susceptible to bending....
Will police's move to increase the number of investigators help deal with fraud?
Yes
No
Can't Say
follow us
subscribe to our news letter