LG Electronics has announced a 319 per cent increase in first-quarter net profit compared with the same period last year. First-quarter 2014 net profit rose to KRW 92.60 billion ($86.62 million) while operating profit of KRW 504 billion marked a significant improvement from the previous quarter due to improved profitability from the LG Home Entertainment Company. Unaudited first quarter consolidated revenues of KRW 14.27 trillion increased 1.2 per cent compared to the same quarter in 2013.
The LG Home Entertainment Company reported first-quarter revenues of KRW 4.95 trillion, a 3 per cent increase from the first quarter a year ago. Operating profit of KRW 240.30 billion exceeded expectations due to stronger sales of larger-sized TVs and better cost structure resulting from declining material prices. Revenues are expected to increase in the second quarter with new model launches. LG said it will continue to diversity its premium Ultra HD TV and OLED TV line-up with more sizes and price levels to offset greater competition.