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The end of July marks the time of the year when companies march out their second quarter earnings reports, much to the joy of investors, assorted business types, and curious industry observers like ourselves. Although Samsung is already preparing us for its poor quarterly performance, rival smartphone manufacturer LG seems to be having a much cheerier time lately.

LG Electronics has just announced a very impressive 165 percent increase in its second quarter net profit, when compared with the same period last year. The company has posted a Q2 2014 net profit of KRW 412 billion (USD $399.8 million), from an operating profit of KRW 606 billion (USD $588.5 million), an increase of 26.5 percent year-over-year.

LG shipped 14.5 million smartphones in Q2, a new record-high for the company
This charge for profit is being led by earnings from LG’s home entertainment and mobile communications divisions, the latter of which probably isn’t so surprising, given the high quality products that LG has been putting out over the past year.

LG’s Mobile Communication Company shipped 14.5 million smartphones in the second quarter of the year, marking a new record-high for the company and a 20 percent increase over last year’s second quarter results. It seems that analysts were quite accurate with their prediction of 15 million handsets for the quarter. In terms of financial figures, sales revenue increased 16 percent over the same period last year, reaching KRW 3.62 trillion (USD $3.51 billion), the highest figure since the first quarter of 2010. The mobile company secured an operating profit of KRW 85.9 billion (USD $83.4 million), putting an end to three consecutive quarterly losses for the division.

LG G3 Vs HTC One M8-46
The G3 is another great handset from LG. Whilst Samsung appears to be struggling in the flagship market, LG’s efforts seem to be paying off.

Strong growth in LG’s mobile sector has been attributed to strong demand for LTE enabled handsets, which account for more than one third of all LG smartphones sold so far this year, as well as the healthy launch of the company’s flagship LG G3 in South Korea. Similarly strong sales can also be seen with the company’s midrange and budget L Series III smartphones.

Mobile sales revenue increased 16 percent over the same period last year
As for the rest of the company, LG’s Home Entertainment Company posted second quarter revenues of KRW 5.09 trillion (USD $4.94 billion), roughly unchanged year over year, the Home Appliance Company saw revenues drop by 5 percent to KRW 3.03 trillion (USD $2.94 billion), mainly due to foreign exchange movements. Meanwhile, the Air Con and Energy Solutions Company witnessed its revenues fall ever so slightly to KRW 1.64 trillion (USD $1.59 billion). In other words, the mobile division was LG’s best performer last quarter, in terms of year on year revenue growth.

In a bid to continue its strong performance this year, LG will be rolling out its flagship G3 to new regions. LG has also confirmed its plans for several new variations of the G3, such as the slightly smaller G3 Beat smartphone, as well as new models in its L Series range.