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Sunday, 8 February 2015

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Smartphone sales help LG profits soar

LG Electronics Inc of South Korea, posted an improved US$ 475 million profit after shipping 59.1 million smartphones, a 24 percent increase in phones sales alone over the previous year, contributed to the company's profitability.

LG Electronics' net profit of $475 million was up 125 percent year-on-year. It's growing mobile business helped pull in year-long revenue of $55.91 billion. LG's mobile business itself reported annual sales of $14.26 billion, up 16 percent year-on-year, for 2014.

Its revenue in Q4 2014 rose five percent year-on-year to reach $3.48 billion. LG sold 14.5 million handsets over the last quarter, its highest total ever and 20 percent more than last year - with more than a third of those LTE models.

It chalked up most of the success to its well-reviewed top-of-the-line G3 handset, along with strong sales of its mid-range L products.

LG's mobile division scooped up KRW 3.6 trillion ($3.5 billion). "LG will concentrate on improving its brand power, operating more efficiently, and focusing on selective key markets," a company official said.

The Smartphone market is expected to grow by 35% this year and LG have geared up to meet the demand with new improved products. LG launched its new innovative curved smartphone G Flex2 in Seoul recently.

With no side buttons interrupting its design, the curved form factor of the LG G Flex2 is easy to hold and operate. The camera with Laser Auto Focus, Optical Image Stabilisation and Gesture View makes it easy to operate and capture vibrant images.

The LG GFlex2 will be launched in Sri Lanka soon.

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