LG Claws Back W1 Trillion Level in Quarterly Profits

      January 31, 2013 12:28

      LG Electronics posted an operating profit of more than W1 trillion for the first time in three years (US$1=W1,085). The company on Wednesday said its sales totaled W50.96 trillion last year while operating profit came in at W1.14 trillion.

      Sales dropped 6.1 percent compared to 2011 but operating profit surged 299 percent over the same period.

      LG achieved an operating profit of more than W2 trillion in 2009, but sales waned in the next two years due to its failure to meet the rapidly changing needs of the market and come up with a viable smartphone.

      But in the fourth quarter last year, LG's TV and household appliance divisions propped up profits, while its mobile phone division shifted into the black for the first time in three years.

      The home appliance division also boosted its annual profit to W528.3 billion by selling more higher-priced refrigerators and washing machines in North America. That was a huge improvement compared to 2011, when it earned just W319.4 billion in North America.

      The mobile division earned W58.6 billion last year, emerging from hundreds of billions of won in losses in 2010 and 2011.

      LG plans to boost investment in developing innovative products this year.

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