Overall, it's a good first quarter for LG.
It's a profitable first quarter for LG. The South Korean technology giant revealed its first quarter results for the year which ended in March 31.
LG Electronics saw a whopping 319 percent increase from last year, amassing a net profit of KRW 92.60 billion (USD 86.62 million) and an operating profit of KRW 504billion (USD 471.47million). The unaudited first quarter consolidated revenue was KRW 14.27 trillion (USD 13.35 billion), a 1.2 percent increase from last year.
LG's Home Entertainment Company also showed positive growth. Revenues climbed 3 percent to KRW 4.95 trillion (USD 4.63 billion). Operating profit was KRW 240.30 billion (USD 224.79 million). LG credits its success to the strong demand for large TVs which were used in major sporting events this year, particularly in the Winter Olympics and the World Cup.
As for LG's Mobile division, the company shipped 12.3 million smartphones in the first quarter - a 19 percent increase from the previous year. Last quarter's revenue was KRW 3.41 trillion (USD 3.19 billion). According to the research firm IDC, LG ranks fourth in the global smartphone market, just behind Samsung, Apple, and Huawei.
LG expects a stronger second quarter with the launch of its rumored LG G3. Yes, folks, we finally have a confirmation.
Furthermore, LG's Home Appliance division had a first-quarter revenue of KRW 2.72 trillion (USD 2.54 billion), while its Air Conditioning & Energy Solution company gathered revenues of KRW 1.22 trillion (USD 1.14 billion) and an operating profit of KRW 89.8 billion (USD 84 million).