Technology

LG Electronics Reports Its Earnings Results

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By Alexandru Pancescu, Hardware Editor

21st of July 2007, 11:15 GMT

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LG Electronics Reports Its Earnings Results

LG Electronics is a producer of consumer electronics and mobile communication. It has just announced its earnings for the second quarter of 2007. As the LG company is formed of more separate divisions, in order to facilitate an overview of the entire business, the company released financial earnings on a global basis. Because of a very dynamic market in the mobile communication business, the LG division of Mobile Communications and Digital Appliance is responsible for most of the company's earnings, as this division posted record

sales in the second quarter of 2007.

The company recorded sales of USD 11.227 million on a global basis, which means an increase of 12.6 percent from USD 9.747 milion a year later. At the same time operating profits jumped as high as 50.6 percent to almost USD 500 million from about USD 324 million a year ago on a global basis and slightly decreased from USD 200 million to USD 156 million on a parent basis. Most LG profits come from its overseas subsidiaries, that boosted LG's profits to USD 333 million.

According to the LG company profits by its most important divisions were as follows: Mobile Communication Company recorded a jump in profits of 11.3 percent as the most popular and demanded products were produced here. The Digital Appliance Company gave a strong performance, its sales increasing with 22.5 percent and sustaining a stable operational profit of 8.1 percent. The Digital Display Company that sales mainly TV sets and computer monitors recorded some loses as flat panel TV prices declined and the division improved finally through fixed cost reduction efforts.

The Digital Media Company, a LG division that mainly sales media and computer hardware parts, posted a small increase in revenues of USD 1.341 million, about 0.3 percent higher than the previous year because slow in seasonality plus intensified price erosion were driven by competing companies.

TAGS:

LG | media | hardware | digital | profit

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