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LG Electronics' Net Profit Slides in Q1
Apr 18, 2003
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LG Electronics, a major home appliance and handset maker, said its net profit declined in the first quarter due to deteriorating profitability of mobile phones-despite the upbeat sales increase of its next-generation display unit offset the downward pressure. The company posted 199.4 billion won in net profit on revenue of 5.17 trillion won in the first 3 months of this year. The first-quarter net profit figure was down 11.55 percent from 219.8 billion won a year earlier, while its revenue jumped 17.2 percent compared with 4.41 trillion won in the year-earlier period. The company's first-quarter revenue breaks down to 3.94 trillion won in export and 1.23 trillion won in the domestic sales. Operating profit reached 417.2 billion won and current profit stood at 205.8 billion won. By operation, LG's display and media division posted 1.7 trillion won in revenue for the first quarter, up 7.3 percent from the year-earlier period. In particular, digital TV sets such as PDP (plasma display panel), LCD (liquid crystal display) and projection models witnessed surging sales, which were up 44 percent year-on-year. The digital appliance division, which produces refrigerators, washing machines and air-conditioners, posted 1.64 trillion won in its first-quarter revenue, up 11.1 percent from a year earlier. The mobile phone division posted 1.1 trillion won in revenue, up 14 percent from the year earlier. (Korea Herald)

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