LG 2013 earnings reveal strongest growth in mobile business
LG has just released its last financial report for 2013, covering both the final quarter and the full-year earnings. While LG's financial status has been positive overall, it was still marred by some bad news on all fronts. Unsurprisingly, the biggest increase came from its smartphones.
In the last quarter of 2013, LG suffered a slight loss of $60.21 million compared to third quarter, ending up with operating profits of $223.89 million. Fortunately, that wasn't enough to bring down the company's rather positive financial outlook, ending up with a net profit of $203.65 million for all of 2013, a marked improvement for the previous year. Operating profits increased from $1.08 billion in 2012 to $1.17 billion.
The reverse is true for LG's LCD TV business. Fourth quarter results yielded an 18 percent increase in revenue to $5.58 billion. The full-year figure, however, dropped by 5 percent from 2012 to $396.86 million, despite the stronger demand for LCD TVs in North America. LG's other businesses also showed similar up and down trends. Its home appliance arm were down by 4 percent in the fourth quarter but reported an increase by 5 percent in full-year revenues, due to strong sales in North America and China being offset by weaker sales in developing markets.
Thanks to sales of smartphones like the LG G2 and the Nexus 5, which increased by 54 percent to 13.2 million units compared to last year, LG's mobile communications business was able to report a 29 percent increase in annual revenues to $11.85 billion. The profits, however, were not as high due to LG investing a considerable amount to marketing. That said, LG is quite optimistic about this new year and is targeting a revenue of $57.5 billion by the end of 2014.
SOURCE: LG
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