LG Q3 sees TV slump
October 24, 2013
LG Electronics has revealed Q3 2013 consolidated revenues of $12.51 billion. While competitive conditions in the TV sector and an unfavourable foreign currency exchange rate affected overall revenues compared with the 2012 third quarter, sales of mobile devices increased year-over-year by 24 per cent. LG saw a 27 per cent increase in third-quarter operating profit to $196.34 million compared with the same period last year.
The LG Home Entertainment Company reported revenues of $4.50 billion, a 7 per cent decline from the same period a year ago, reflecting slower global TV demand and lower selling prices. Higher sales in developing markets such as Asia and the CIS region were offset by softness in Europe. Operating profit of $ 111.68 million increased both year-over-year and quarter-over-quarter as a result of more efficient management of operating and marketing expense. As it enters the holiday selling season, LG plans to expand global sales of premium products such as OLED TVs and Ultra HD TVs.