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LG talks numbers too, posts strong mobile profits for 2014
LG may have only just missed out on the fifth place for shipments last quarter, but the company has still had a very profitable 2014, led by strong mobile growth. Operating profits for 2014 leapt to KRW 1.83 trillion (USD 1.73 billion) from KRW 1.25 trillion (USD 1.14 billion), an increase of 46 percent.
Fourth quarter revenue reached KRW 15.27 trillion (USD 14.06 billion) resulting in an operating profit of KRW 275.1 billion (USD 253.31 million), which works out to an increase of 28 percent YoY. For the full year, LG brought in revenue worth KRW 59.04 trillion (USD 55.91 billion), mainly thanks to strong growth in mobile shipments, which rose by 24 percent.
Looking a little closer at smartphones, LG shipped 59.1 million devices throughout 2014, which is pretty much what the company and analysts had expected. From this, mobile generated revenues for the year increased by 16 percent to KRW 15.06 trillion (USD 14.26 billion) and the company saw particularly strong growth in North America. Smartphone shipments increased 78 percent in Q4 2014, when compared with Q3 2014, which is one of the highest growth rates in the industry. Coupled with profits from LG Display, the company is holding strong in the increasingly competitive smartphone industry.
LG’s Home Entertainment Company also saw operating profits grow 31 percent year on year to KRW 509 billion (USD 482.01 million). The company’s Energy Solutions and Home Appliance companies also saw profits of KRW 255.1 billion (USD 241.57 million) and KRW 2.88 trillion (USD 2.65 billion) respectively, showing profits all around for the electronics company.
With the LG G Flex 2 and G4 heading our way in the first half of 2015 and a range of products to suit regional demands already on the market, LG looks to be in a strong position going forward into 2015.