LG Electronics doubles profits in Q3 results

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Smartphone shipment increase of 39 per cent boosts group operating revenues by 7.4 per cent to $14.54 billion (£9 billion), year-on-year.

LG Electronics has more than doubled profits year-on-year after announcing the highest handset sales in the company’s history during it’s third quarter, which ended on September 30.

Group operating profit was up from £128 million in Q3 2013 to £278 million this year while revenues increased by 7.4 per cent, from $13.5 billion (£8.38 billion) to $14.54 billion (£9 billion).

LG said the earnings reflected a strong performance from LG Mobile Communications, it’s mobile subsidiary, which saw the highest sale of smartphones in its history at 16.7 million units in the quarter.

The increased sales were worth $4.14 billion (£2.57 billion), giving the mobile division an operating income of $163 million (£101 million) which LG said was the highest since Q3 2009.

This was the second consecutive quarter of growth for LG’s mobile sector, with a 16 per cent increase in units shipped on Q2 2014, when the manufacturer shipped 14.5 million units.

In the financial statement released today (October 29), LG said it expects to strengthen it’s position in the smartphone market despite the mobile landscape becoming more competitive.

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