LG Mobile Rockets 24%

Written by Oonagh Reidy     24/10/2013 | 16:35 | Category: INDUSTRY

SEOUL - LG operating profit up 27%, as mobile revenues soar

LG Mobile Rockets 24%LG today announced third-quarter revenues of $12.51 billion, down from the same time a year ago, blamed on "competitive conditions" in the TV market, and unfavorable current exchanges.   

However, LG's mobile unit was a big winner in Q3 - sales grew 24%, with revenues hitting $2.78 billion. It shipped 12 million smartphones during the three month period.  

"Competitive conditions" in the TV sector and unfavorable currency exchange rate hit revenues, however, operating profit rose 7 percent to $196.34 million.

LG's Home Entertainment division slid 7 percent with sales of $4.5 billion, reflecting slower global TV demand and lower selling prices. Higher sales in Asia and the CIS region were offset by softness in Europe.     

LG said it will push premium products such as OLED, Ultra HD TVs or '4K", while managing costs, in the lead up to the holidays. 

On the mobile front, profits and the average selling price (ASP's) were hit by increased competition and marketing costs.   

The tech giant will focus on pushing its new G2 smartphone, 3G and mass devices such as the L II Series and F Series during the next quarter