LG announced today their unaudited third quarter consolidated revenues of Korean won (KRW) 14.92 trillion (USD 14.54 billion). The amount mentioned has an increase of 7.4 percent year-over-year, and operating profit of KRW 461.3 billion (USD 449.61 million), more than double the figure from the same period a year ago.
The earnings as reported by LG is a result of the strong performance of its mobile business selling 16.8 million units.
The record-breaking 16.8 million smartphones in Q3, an increase of 39 percent year-on-year and 16 percent more units than the previous quarter.
Out of these figures for the quarter three, LG is building on its momentum and two consecutive profitable quarters, they expects to strengthen its positioning in the smartphone market with its G Series and L Series III models despite the global landscape becoming more competitive.
The unaudited quarterly earnings results of LG are based on IFRS (International Financial Reporting Standards) for the three-month period ending September 30, 2014. Amounts in Korean won (KRW) are translated into U.S. dollars (USD) at the average rate of the three-month period of the corresponding quarter KRW 1,026 per USD (2014 3Q).
LG devices in PH
For 2014, LG has already released a number of smartphones in the Philippines including the phablet G Pro 2 and the nifty G2 Mini last April, the stylish L Series III last May, the much-awaited flagship G3 last July, and the newest addition to the L family, the L Fino, just this October.
All these success of the Korean brand is largely attributed to the LG G3, the company’s flagship smartphone which exceeded the sales of last year’s LG G2 by almost 100 percent, allowing LG to achieve a double-digit market share and sustain its no. 2 position (value-based) in the local smartphone market according to a third party international research firm.
Jay Won, LG Mobile Philippines vice president, said, “LG has been continuously growing its market share in the country, especially in the premium mobile segment with the introduction of the LG G3. We look forward in delivering more innovative mobile products that will not just strengthen our foothold, but also cater to the more Filipinos’ increasingly mobile and connected lifestyle.”
LG’s latest flagship smartphone, the LG G3, takes pride in three core technologies— the breathtaking Quad HD display with 538ppi pixel density, four times than HD displays, the high-quality camera with Optical Image Stabilization Plus (OIS+) and a smartphone’s first, the Laser Auto Focus, and the sleek Floating Arc design with ultra thin bezels and metallic finish—all providing a seamless yet “simple” user experience.
