SEOUL, KOREA - LG Electronics reported strong third-quarter results on the back of the robust performance of its mobile phone business. The company announced on October 29 that it posted sales of 14.91 trillion won, and operating profit of 461.3 billion won for the third quarter of this year.
Compared to a year ago, operating profit rose 111 percent. This figure is slightly higher than the market consensus of 440.4 billion won.Key factors behind the positive growth in both sales and profit include the strong performance of its smartphone business.
The Mobile Communication division which leads LG’s smartphone business recorded sales of 4.24 trillion won and operating profit of 167.4 billion won for the quarter, the highest quarterly results since 2010 when LG started its smartphone business in earnest.
Compared to a quarter ago, LG Electronics’ sales and operating profit rose 17 percent and 95 percent, respectively, thanks to the increase in sales of its smartphones, including G3, G Series and L Series II.
Article provided by The Korea Economic Daily