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LG Electronics Posts Highest Third Quarter Earnings in Its History
Posted: 21-Oct-2009 [Source: LG]

[LG Mobile Communication Company reports handset sales were up 24.8 percent from the same quarter in 2008.]

Seoul -- LG Electronics, Inc. (LG) today reported record revenues and operating profits in the third quarter, reflecting the results of the company’s successful growth and competitiveness initiatives during the current global recession.

Sales and Profit

Record sales and operating profits on both a parent and a global basis were reported for the three months ending September 30, 2009. Sales on a global basis (including LG’s overseas subsidiaries) soared 15.7 percent to KRW 13.9 trillion (USD 11.2 billion) year-over-year. Operating profit was up to KRW 850 billion (USD 685 million) resulting in a margin of 6.1 percent, 1.3 percent point higher than the third quarter last year. On a parent basis, the company recorded sales of KRW 7.87 trillion (USD 6.34 billion) and an operating profit of KRW 603 billion (USD 486 million).

The Mobile Communications Company reported KRW 4.65 trillion (USD 3.75 billion) in sales, 21.9 percent higher year-over-year and an operating profit of KRW 390 billion (USD 314 million) with a margin of 8.4 percent. Handset sales accounted for KRW 4.38 trillion (USD 3.53 billion), up 24.8 percent from the same quarter in 2008, and operating profit reached KRW 384 billion (USD 309 million), resulting in a margin of 8.8 percent. Shipments of handsets saw an increase of 37 percent year-over-year and 6 percent quarter-over-quarter to 31.6 million units due to robust growth in emerging and European markets, thanks to products such as Cookie and messaging phones, despite a slight decline in unit sales in North America and Korea. Price erosion, along with increased sales of low-end handsets, resulted in lower profitability compared to the second quarter.

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