A successful year for LG

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lg-logo[1]LG Electronics announced net profit of KRW 501.40 billion (USD 474.81 million) for full-year 2014, an increase of 125 percent over 2013 net profit. Operating profit increased significantly in 2014 to KRW 1.83 trillion (USD 1.73 billion) from KRW 1.25 trillion (USD 1.14 billion) in 2013, an increase of 46 percent. Full-year consolidated revenue of KRW 59.04 trillion (USD 55.91 billion) was mainly boosted by a 24 percent increase in smartphone shipments.
Fourth-quarter 2014 consolidated revenue was KRW 15.27 trillion (USD 14.06 billion) with an operating profit of KRW 275.1 billion (USD 253.31 million), an increase of 28 percent from the same period the previous year. Net profit for the fourth quarter ending Dec. 31, 2014 showed a net loss of KRW 205.7 billion (USD 189.41 million) primarily due to the write-off resulting from the closure of LG’s plasma TV operations.
The LG Home Appliance Company reported full-year 2014 sales of KRW 11.54 trillion (USD 10.93 billion) where the company saw stronger sales in Europe and emerging markets such as the Middle East, Africa and Southeast Asia, offsetting somewhat slower sales in North America. Fourth-quarter revenue of 2.88 trillion (USD 2.65 billion) was up slightly from the same period 2013 while operating profit of KRW 85 billion (USD 78.27 million) was 64 percent higher quarter-on-quarter and up 2 percent from the same period the previous year. The company will respond to the expected sluggish overall demand this year by innovating in energy efficient products and improving cost competitiveness.