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LG Electronics Reports Q1 Results
Apr 21, 2006
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LG Electronics (LG), a leader in consumer electronics and mobile communications, announced unaudited earnings results of the 3-month period ended March 31, 2006. Sales decreased by 6.2 percent to 5.8 trillion won (approx. U.S. $5.94 billion) from 6.182 trillion won (approx. $5.961 billion) in the fourth quarter of 2005 and 2.7 percent compared to 5.959 trillion won (approx. $5.828 billion) in the first quarter of 2005. Strong growth in sales in air-conditioners, TV and mobile handsets has led to 12.9 percent year on year rise in domestic sales, but exports declined 11.2 percent quarter on quarter due to seasonally low handset sales in overseas markets.

Sales from Digital Appliance Company decreased 5.7 percent year on year to 1.574 trillion won (approx. $1.611 billion) caused by strong Won and expansion of overseas production, which was the driving factor for the 15 percent growth in global sales. Sequential sales grew 27 percent sales and operating profit rose to 215.8 percent to 160 billion won (approx. $164 million) with operating margin of 10.1 percent. The company benefited from strong sales of premium products such as commercial air-conditioners, drum type washing machines and side-by-side type refrigerators in North America and Korea, and innovative cost cutting measures.

Digital Display Company sales increased 2.2 percent quarter on quarter and 13.6 percent year on year to 1.423 trillion won (approx. $1.456 billion), due to strong demand in Plasma and LCD digital TVs at 13 percent increase quarter on quarter. The company's operating profit turned around coming in at 30 billion won (approx. $31 million) primarily due to improvement in product mix to large size digital TVs and cost reduction efforts. The company shipped a total of 730,000 PDP TVs, 9 percent more than the previous quarter at 670,000 units, helped by stabilized A3 Line and high yields.

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