LG announces annual financial results

Q4 was disappointing with a $189m loss as a result of the closure of its Plasma TV division

Looks like it’s the time when everyone wants to show off how well they are doing; it seems only fair they companies are using financial goodness as a way to advertise their expertise. Right after Apple revealed its most profitable quarter in its history of operations, LG soon followed suit and announced its annual financial results. The latest financials of the company show s an increase in the net profit by 125 per cent or $474.81 million during 2014 and much of this can be attributed to the G3 smart phones.

However, unlike apple, LG’s fourth quarter has been much of a disappointment for the company bringing in a $189 million loss for the company after the closure of its Plasma TV division. Though the company is into home entertainment and home appliances apart from mobile communications, the star of the year still remained to be the phones, quite specifically the G3. The company has revealed that its full-year consolidated revenue of $55.91 billion was mainly due to the 24 per cent increase in smartphone shipments.

The LG Mobile Communications Company has seen a 16 per cent increase in annual revenue to $14.26 billion, thanks to North America where shipments had increased 78 per cent during Q4 2014 as compared to the previous year. Though it wasn’t very satisfactory for LG, yet the fourth-quarter revenue of $3.48 billion showed a 5 percent increase from the same period last year. In 2014, 59.1 million smartphones had been shipped which again shows an increase from the previous year by 24 percent.

The company has also pointed out in its latest statement that it is going to be fully prepared for the year ahead which is just as challenging as the last one was. The company’s official statement said, “LG will concentrate on improving its brand power, operating more efficiently, and focusing on selective key markets.”

source: lgnewsroom