LG today released its second quarter 2012 results with a total of 46 percent increase to KRW 159 billion (USD 138.02 million) in net profits as compared with the same period a year ago. The operating profit doubled to KRW 349 billion (USD 302.95 million) from the same period last year. Revenues declined from last year’s second quarter by 10.6 percent to KRW 12.86 trillion (USD 11.16 billion) blaming to declining feature phone sales and weak demand for IT products. The company sees a drop in mobile communications and handsets consolidated sales each by 7% and 6.8% on QoQ basis.
LG Home Entertainment Company posted an operating profit of more than doubled to 216 billion (USD 187.5 million) year-over-years. Sales declined 5.8 percent from the same period a year ago to KRW 5.48 trillion (USD 4.76 billion) but increased 2.8 percent from the first quarter of 2012. LG Mobile Communications Company posted an operating loss of KRW 57 billion (USD 49.48 million) with an Overall revenues declined 28.5 percent year-over-year to KRW 2.32 trillion (USD 2.01 billion).
LG Home Appliance Company saw its second-quarter 2012 operating profit nearly triple to KRW 165 billion (USD 143.23 million) from the same period last year. Revenues also increased year-over-year to KRW 2.88 trillion (USD 2.50 billion) from growth in developing markets. LG Air Conditioning and Energy Solution Company posted operating profit of KRW 70 billion (USD 60.76 million), a 17 percent increase year-over-year. Revenues increased 21 percent quarter-to-quarter but declined year-over-year to KRW 1.47 trillion (USD 1.28 billion) due to weak residential conditioner sales in Korea and low demand in developed markets.
