LG Mobile Communications Company records 10% decline in sales year-on-year

LG Electronics Inc. (LG) today announced fourth quarter 2011 consolidated revenues of KRW 13.81 trillion (USD 12.05 billion) with an operating profit of around US$20 million. Quarter-on-quarter revenue growth reflected strong performance in home entertainment and home appliances with improved operating profit in the mobile and TV businesses.

Unaudited consolidated financial results for the period ending December 31, 2011, showed a net loss of KRW 112 billion in the quarter, primarily due to a loss on investments in affiliated companies and net financial expense.

Full-year 2011 consolidated revenues reached KRW 54.26 trillion. Despite a 2011 net loss of KRW 433 billion, operating profits improved significantly to KRW 280 billion from KRW 176 billion for full-year 2010.

The LG Mobile Communications Company improved its position in the fourth quarter with operating profits of KRW 12 billion and sales of KRW 2.78 trillion on the strength of premium smartphones such as the Optimus LTE. For full-year 2011, the company posted sales of KRW 11.69 trillion, a decline of 9.9 per cent from 2010.