Jan 31 2013 |
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LG posts 6% drop in net profit in 2012
LG Electronics Inc. (LG) announced Wednesday a consolidated revenues of KRW 50.96 trillion ($45.22 billion) and a net profit of KRW 91 billion ($80.75 million) for full-year 2012. Despite a 6 percent revenue decrease from 2011, operating profits increased significantly in 2012 to KRW 1.14 trillion ($1.01 billion) from KRW 379 billion ($342.06 million) in full-year 2011.Fourth quarter 2012 consolidated revenues were KRW 13.50 trillion ($12.37 billion) with an operating profit of KRW 107 billion ($98.08 million). Unaudited consolidated financial results for the fourth quarter ending Dec. 31, 2012 showed a net loss of KRW 468 billion ($428.96 million) which reflects a fine related to alleged cathode-ray tube pricing issues imposed by the European Commission in December.
The LG Home Entertainment Company reported record sales of flat-panel TVs with 9.3 million units in the fourth quarter resulting in a 17.4 percent revenue increase quarter-on-quarter to KRW 6.44 trillion ($5.91 billion) and full-year operating profit of KRW 542 billion ($480.92 million).
The LG Mobile Communications Company reported a 7 percent unit increase quarter-on-quarter in mobile handset shipments to 15.4 million with more than half of the units coming from smartphones. Smartphone shipments grew 23 percent compared to the previous quarter, increasing to 8.6 million devices from the 7 million in the third quarter.
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