Sunday, July 13, 2025
24.5 C
Lagos

LG Electronics: Q4 $429m Loss Driven by Dec. 2012 EU Fine

South Korea’s LG Electronics has posted a fourth-quarter loss of KRW468 billion (US$429 million) which reflects a fine related to the cathode-ray tube pricing issues imposed by the European Commission in December. Fourth quarter 2012 consolidated revenues were KRW 13.50 trillion.

The LG Mobile Communications Company reported a 7 percent unit increase quarter-on-quarter in mobile handset shipments to 15.4 million with more than half of the units coming from smartphones.

Smartphone shipments grew 23 percent compared to the previous quarter, increasing to 8.6 million devices from the 7 million in the third quarter. Fourth quarter revenues were the highest of the year, growing 15 percent to KRW 2.81 trillion (US$2.58 billion) quarter-on-quarter. Sales of premium LTE smartphones such as Optimus G and Vu:2 increased in the fourth quarter, as did the L-series and Google Nexus 4.

With more European and emerging markets introducing LTE services this year, LG plans to increase smartphone revenues and market share by launching follow-up devices to Optimus G and the L-series as well as the new F-series.

The LG Home Entertainment Company reported record sales of flat-panel TVs with 9.3 million units in the fourth quarter resulting in a 17.4 percent revenue increase quarter-on-quarter to KRW 6.44 trillion (US$5.91 billion) and full-year operating profit of KRW 542 billion (US$480.92 million).

The LG Home Appliance Company posted almost flat revenues year-on-year, with sales of KRW 2.94 trillion (US$2.7 billion) in the fourth quarter as strong sales in the U.S. and CIS countries were largely offset by sluggish demand in Europe, the Middle East and Latin America.

The LG Air Conditioning & Energy Solutions Company reported sales of KRW 683 billion (US$626 million) in the fourth quarter, essentially unchanged year-on-year. An operating loss of KRW 11 billion (US$10.08 million) in the quarter showed improvement from the same period last year due to operational efficiencies.

 

2013 Business Direction

For 2013, LG Electronics is targeting a revenue goal of KRW 53.5 trillion with plans to spend KRW 2.5 trillion in capital expenditures.

spot_img
spot_img
spot_img

Hot this week

Fidelity Bank Delivers Hope to Internally Displaced Persons in Benue State

Team Lead, CSR, Fidelity Bank Plc, Victoria Abuka (Left);...

Union Bank Responds to Court Ruling on NICON, Global Fleet, Jimoh Ibrahim Case

Union Bank of Nigeria acknowledges the recent judgment of...

NAICOM, CIIN Laud IMT for Advancing Tech-Driven Insurance in Nigeria

The Commissioner for Insurance (CFI) and the CEO of...

NCDMB Unveils Nigerian Content Fund Certificate, Empowers 130 firms with $400m NCI Fund

The Nigerian Content Development and Monitoring Board has introduced...

Local Content, NCDMB on the Spotlight at 2025 NOG Conference

The recently held 2025 Nigeria Oil and Gas (NOG)...

Topics

Manage Your Career Beyond Degree, says Kendor Consulting CEO

L-R: Mr. Orimolade Oluwamuyemi, Regional Marketing and Communications Coordinator –...

NCC Approves e-SIM Trial for MTN, 9mobile

The Nigerian Communications Commission (NCC) has granted approval for...

‘Africa Must Invest in Agriculture Research’

Speech Delivered by President Akinwumi Adesina of the African...

DMG Acquires Exhibition Management Services

One of the world’s leading event companies, DMG Events,...

VBank Leads Discourse on Innovative Payment Systems at 2021 Nigeria Fintech Week

L-R (Mudiaga Umukoro, CEO Appzone Core; Akeem Lawal, Divisional...

CIIN: Nigerians Should Embrace Fitness Exercises to Stay Healthy, Productive

Mr. Edwin Igbiti, President/Chairman of Council, Chartered Insurance Institute...

Fidelity Bank to Hold 3rd Edition of FITCC in Atlanta, USA Sept 2025

Leading African financial institution, Fidelity Bank Plc, is set...
spot_img

Related Articles

Popular Categories

spot_imgspot_img