LG 2014 profits up 125%

LG Electronics has announced net profit of KRW 501.40 billion (€420 million) for full-year 2014, an increase of 125 per cent over 2013 net profit. Operating profit increased significantly in 2014 to KRW 1.83 trillion from KRW 1.25 trillion in 2013, an increase of 46 per cent. Full-year consolidated revenue of KRW 59.04 trillion was mainly boosted by a 24 per cent increase in smartphone shipments.

Fourth-quarter 2014 consolidated revenue was KRW 15.27 trillion with an operating profit of KRW 275.1 billion, an increase of 28 per cent from the same period the previous year. Net profit for the fourth quarter ending December 31st 2014 showed a net loss of KRW 205.7 billion primarily due to the write-off resulting from the closure of LG’s plasma TV operations.

The LG Home Entertainment Company reported full-year operating profit of KRW 509 billion, an increase of 31 per cent year-on-year while full-year revenue increased slightly to 19.38 trillion. Fourth-quarter revenue increased 20 per cent quarter-on-quarter to KRW 5.43 trillion as a result of increased TV demand during the peak selling season in Europe, CIS and North America. Despite higher competition and weaker currency movements in emerging markets, the company is optimistic that the premium segment ― OLED and Ultra HD TVs ― will continue to grow, along with the digital signage industry.

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