LG Electronics reports revenue increase

LG Electronics today reported and increase in revenues increased in most of its departments comapred to the second quarter of 2009.

The company was announcing unaudited earnings results based on IFRS (International Financial Reporting Standards) for the three-month period ending June 30, 2010.

Strong performance in home entertainment and appliances helped offset profit declines in LG’s mobile business.

LG reported sales of KRW 14.4 trillion (€9.34bn) and operating profit of KRW 126 billion (€81.7m) in the second quarter of 2010.

In Korean won, consolidated sales fell 0.7% (up 10% in US dollars) and net profit declined by 33% (down 26% in US dollars) year-over-year.

LG Home Entertainment Company revenues grew 4% from the previous quarter and 19% from a year earlier as demand for flat panel TVs surged, resulting in sales of KRW 5.4 trillion (€3.5bn) and operating profit of KRW 28bn (€18.15m).

Flat panel TV shipments jumped 47% to 6.3 million units compared to the same period last year.

LG Mobile Communications Company shipped 30.6 million units this quarter, an increase of 13% quarter-on-quarter and 2% year-over-year.

Sales increased 5.8% quarter-on-quarter but fell 29.5% year-over-year and the operating profit margin for handsets recorded a loss year-over-year.