LG electronics records increase in profits in second quarter

LG electronics records increase in profits in second quarter

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LG sales figures get boost owing to its smartphone segment’s success. 

South Korean giant LG Electronics has recorded an increase in profits during the second quarter due to a turn around in its mobile unit. The net profit has been reported at 412 billion Won ($400m; £235m) which is an increase of 165% when compared to the same period in 2013.

LG

The increase has been noticed due to the company’s strong mobile phone sales. During the second quarter, LG sold a record 14.5 million smartphones which is 20% more than in 2013.

This will be the first time LG’s mobile unit has seen a profitable year. The company has given the credit of good sales to its flagship G3 smartphone and the cheaper L series models which sold well in the North American market.

For the current quarter, LG expects the smartphone market to “grow continuously.” The company said that it is well aware of the market competition which is all set to be intensified owing to constant launches by different smartphone manufacturers in the market. 

LG has been constantly working towards diversifying its product range to capture a greater market share, not only has it expanded its cheaper smartphone range, but also worked on increasing variety amongst its high-end models

The home appliances division has noticed an increase in sales owing to a higher demand for energy efficient washing machines.

Photo Credits: Channel Newsasia