LG Electronics has chalked up one of its most successful quarter profits with positive results from smartphone sales, recording a marked improvement after shipping some 14.5 million handsets over the last quarter.
The South Korean electronics manufacturer says that a 165-percent increase in second-quarter net profit compared with the same period last year is an indicator of strong earnings from its television and mobile devices operations.
LG reported second-quarter 2014 net profit of $399.8 million and operating profit of $588.5 million, an increase of 26.5 percent year-over-year. Unaudited second quarter consolidated revenues of $ 14.93 billion increased 7.7 percent from the previous quarter.
The mobile phone sales were up 20 percent more than last year and LG Electronics attributed the impressive performance to the uptake of the acclaimed LG G3 and mid-range L series products, with LTE products accounting for more than one-third of all LG smartphones sold this year.
As a result, sales increased 16 percent from the same period last year to $3.51 billion, the highest since the first quarter of 2010. The mobile division’s operating profit of $83.4 million in the second quarter put an end to three consecutive quarters of losses.
LG plans to continue its global rollout of the G3 and introduce more mass tier products in the second half, including variations of the LG G3, such as the recently announced G3 Beat, and additional L Series models. The G3 is equipped with a 13 megapixel rear-facing camera with dual-LED (dual tone) flash and a 2.1 MP front-facing camera.
The new device can shoot 4K (3,840 x 2,160) videos. The killer camera features of LG G3 include ‘Laser Autofocus Sensor’ and ‘Selfie’ Mode. LG claims that the laser autofocus sensor functionality is very quick as it takes only 0.276 seconds to focus.
The successor to the company’s well-received LG G2 is a culmination of consumer research based on LG’s product development philosophy, Learning from You.
The LG Home Entertainment Company also saw steady performance with second-quarter revenues of $4.94 billion, a 3-percent increase quarter-over-quarter and almost unchanged from the same quarter 2013. Operating profit of $150 million was an increase of 64.9 percent from the same quarter last year due to diversified product mix.
