LG an­nounces Q3 fi­nan­cial re­sults

Pakistan Observer - - FRONT PAGE - STAFF RE­PORTER

IS­LAM­ABAD¯ LG Elec­tron­ics Inc. (LG) has an­nounced third-quar­ter 2016 sales of KRW 13.2 tril­lion (USD 11.8 bil­lion) and op­er­at­ing in­come of KRW 283.2 bil­lion (USD 252.7 mil­lion), re­flect­ing strong per­for­mance of its Home Ap­pli­ance & Air So­lu­tion busi­ness and in­creased prof­itabil­ity in Home En­ter­tain­ment, which off­set sales de­clines and op­er­at­ing losses from Mo­bile Com­mu­ni­ca­tions.

LG Home Ap­pli­ance & Air So­lu­tion Com­pany third-quar­ter rev­enue in­creased 3 per­cent year-over-year with its strong­est per­for­mance com­ing from Euro­pean and Asian mar­kets. Op­er­at­ing in­come of KRW 342.8 bil­lion (USD 305.9 mil­lion) re­sulted in a solid op­er­at­ing mar­gin of 8 per­cent, a 40 per­cent im­prove­ment from the same pe­riod last year. Strong per­for­mance of air con­di­tion­ers and premium ap­pli­ances helped prof­itabil­ity, de­spite un­fa­vor­able cur­rency fluc­tu­a­tions in MEA and Latin Amer­i­can coun­tries.

LG Mo­bile Com­mu­ni­ca­tions Com­pany third-quar­ter rev­enues were KRW 2.5 tril­lion (USD 2.3 bil­lion), 23 per­cent lower than in the same pe­riod of 2015. Lower sales of premium de­vices and ex­penses re­lated to busi­ness struc­ture im­prove­ment ac­tiv­i­ties con­trib­uted to a quar­terly op­er­at­ing loss of KRW 436.4 bil­lion (USD 389.4 mil­lion). LG shipped 13.5 mil­lion smart­phones in the quar­ter, with North Amer­ica re­port­ing a 14 per­cent in­crease in sales from the sec­ond quar­ter. Pri­or­i­ties for the fi­nal quar­ter of the year will in­clude in­creas­ing sales of the new LG V20 smart­phone and mass-tier K and X se­ries and fi­nal­iz­ing busi­ness struc­tural im­prove­ments in the mo­bile di­vi­sion to be bet­ter pre­pared for the chal­lenges ahead.

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