LG today reported a “solid” third quarter with the best performance for the third consecutive quarter of positive net income. The company reported the net profit of KRW 157 billion ($138.57 million) with operating profit of KRW 221 billion ($195.06 million). Third-quarter revenues fell 4 percent year-over-year to KRW 12.38 trillion ($10.93 billion) due to the continuing decline of feature phone sales and overall weak demand.
Business Highlights:
- LG Home Entertainment Company reported third-quarter 2012 sales of KRW 5.49 trillion ($4.84 billion). IT products led by IPS monitors and monitor TVs also increased from the previous quarter. Operating profit of KRW 89 billion (USD 78.55 million) was unchanged from third quarter 2011.
- LG Mobile Communications Company reported operating profit of KRW 22 billion ($19.42 million).
- LG Home Appliance Company reported improved sales and operating profit from the same quarter last year. Revenue increased 6.4 percent year-over-year to KRW 2.87 trillion ($ 2.53 billion) and operating profit of KRW 129 billion ($ 113.86 million).
- LG Air Conditioning and Energy Solution Company posted a 3 percent year-over-year sales decline to KRW 974 billion ($859.66 million).
