Despite a decrease in sales across many sectors, LG
has seen an increase in profitability across the board. Its profitability on TVs doubled as a result of successful product launches, particularly in its 3D range. LG’s profits from mobile phones also saw an increase for the second quarter in a row on the back of its smartphone range.
Overall, LG announced a net profit of $214.9 million
. The company was pleased with the financial announcements and said that they are a direct result of “the company's efforts to innovate in all key business units and focus on high performing products.” Sales declined by 6.8% compared to the same period in 2011, but the company has attributed this to a sluggish European economy.
LG still has the release of its first 55-inch OLED HDTV soon along with a range of quad-core smartphones and its L-style series of phones. LG’s financial results are available here