LG Profits Rocket 319%
LG Q1 net profits jump a massive 319% to $86.6 million in first-quarter compared with Q1 2013.
The phenomenal Q1 result was attributed to stronger sales of large-sized TVs, better cost structures and declining material prices.
Total first quarter revenues hit US$ 13.35 billion – up 1.2 percent. LG Home Entertainment revenues rose 3% US$4.63 billion, from the first quarter a year ago.
Revenues are expected to increase in the second quarter with new model launches and LG says it will continue to diversify premium Ultra HD OLED TV’s with more sizes and price levels to offset competition.
LG smartphone shipments rose 20% and the company shipped 12.3 million smartphones in the quarter. Almost half were 4G LTE ready devices.
Operating profit margins rose quarter-on-quarter with the launch of the G Pro 2 in the domestic market.
Higher mobile revenues are expected in Q2 with the release of the new LG G3 smartphone and mass-tier L Series III.