LG Electronics announced unaudited consolidated earnings results of the three-month period ending March 31, 2009. In the first quarter of 2009, sales on a global basis including LG's overseas subsidiaries soared 14.6% to USD 9.12 billion year-on-year. Operating profit saw USD 324 million resulting in a margin of 3.5%, 2.8% point higher than the previous quarter. On a parent basis, the company recorded sales of USD 5.02 billion, an operating profit of USD 310 million. Consolidated sales including affiliates rose 10.7% to USD 11.28 billion with operating profit of USD 83 million, for a margin of 0.7%, 1.5% point higher than a year earlier.
The Mobile Communications Company reported USD 3.02 billion)in sales, 16.8% higher than the previous year, and operating profit of USD 181 million with a margin of 6.0%. Handset sales accounted for USD 2.78 billion, up 22.6% YoY and operating profit saw USD 187 million at a margin of 6.7%. Sales remained strong in mid-tier models such as Cookie, a full touch screen phone, and LG-KS360, a QWERTY keypad messaging phone, among others. Shipments of handsets recorded a decline of 7% YoY and 12% QoQ to 22.6 million units due to seasonal effect and the global market contraction. With the global economic downturn expected to continue, LG sees the global market declining over 10% YoY to around 260 million in the second quarter. LG is targeting over 10% growth QoQ by focusing on high-tier, feature-rich products such as Arena, with a new S-Class UI, messaging phones such as Xenon and Neon, Viewty Smart, an 8 megapixel camera phone and GD900, with a transparent keypad.
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LG Reports Strong Quarterly Numbers, Mobile Phone Sales Up
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