Seoul, South Korea - LG Electronics reported record revenues and operating profits for the three months ended Dec. 31, 2009.
Sales on a global basis (including LG's overseas subsidiaries) rose 6.8 percent to $12.2 billion year over year while operating profit was up to $382 million, resulting in a margin of 3.1 percent - 2.3 percent higher than the fourth quarter last year.
Quarterly net profit was $193 million, up from the $476 million year over year.
The LG Home Entertainment Company saw fourth quarter sales rise by 18 percent to $5 billion, returning an operating profit of $232 million for a margin of 4.6 percent, 5.2 percent higher than the previous year, as a result of strong product leadership and rising demand for LCD TVs and plasma TVs.
Unit sales of total flat-panel TVs jumped 52 percent year over year to 6.6 million sets, from 4.3 million. Quarter-over-quarter unit growth was also seen in both LCD TVs and plasma TVs, 38 percent and 29 percent ,respectively.
LG Mobile Communications reported sales of $3.6 billion in sales, 7.4 percent lower than the 2009 fourth quarter. Operating profit of $48 million in the 2009 period resulted in a margin of 1.3 percent. Handset revenues were $3.3 billion, a 5 percent decline from the same quarter in 2008, while operating profit reached $57 million, resulting in a margin of 1.7 percent.
Unit shipments of handsets saw an increase of 32 percent year over year and 7 percent quarter over quarter to 33.9 million units, which resulted in a record 117.9 million units being sold in 2009, vs. 100.7
million units in 2008, due to robust growth in North America, Europe and emerging markets.
For LG Home Appliance, a sales increase of 6.8 percent was posted to $2.1 billion in the fourth quarter, compared with the same
period last year.
The company's product competitiveness resulted in an operating profit of $65 million), resulting in a margin of 3.1 percent.