LG electronics sells 14.5 million smartphones in Q2

LG Electronics just released its quarterly results for the second financial quarter of this year and things are looking good for the company.

LG reported second-quarter 2014 net profit of KRW 412 billion (USD 399.8 million) and operating profit of KRW 606 billion (USD 588.5 million), an increase of 26.5 percent year-over-year. Unaudited second quarter consolidated revenues of KRW 15.37 trillion (USD 14.93 billion) increased 7.7 percent from the previous quarter.

The LG Mobile Communications Company shipped a record-high 14.5 million smartphones in the second quarter, a 20 percent increase year-over-year with LTE products accounting for more than one-third of all LG smartphones sold this year. As a result, sales increased 16 percent from the same period last year to KRW 3.62 trillion (USD 3.51 billion), the highest since the first quarter of 2010. The mobile division’s operating profit of KRW 85.9 billion (USD 83.4 million) in the second quarter put an end to three consecutive quarters of losses.

The LG Home Entertainment Company did well, too, with second-quarter revenues of KRW 5.09 trillion (USD 4.94 billion), a 3 percent increase quarter-over-quarter and almost unchanged from the same quarter 2013. Operating profit of KRW 154.5 billion (USD 150 million) was an increase of 64.9 percent from the same quarter last year.

The LG Home Appliance Company saw a second-quarter revenue of KRW 3.03 trillion (USD 2.94 billion) was 5 percent lower compared with the same period last year whereas the LG Air Conditioning & Energy Solution Company saw revenues of KRW 1.64 trillion (USD 1.59 billion) and operating profit of KRW 164.2 billion (USD 159.4 million) in the second quarter.