LG announces strong Q4 2014 financial results
It looks like 2014 was a very good year for LG, as the South Korean giant recorded a net profit of 501.4 trillion won (474.81 million US dollars). Compared to the year before, this represents an increase of 125 percent.
As far as the operating profit is concerned, this grew 46 percent in 2014, up from 1.25 trillion won ($1.14 billion) to 1.83 trillion won (1.73 billion dollars). The recent report also reveals that LG's consolidated sales for 2014 stand at 59.04 trillion won ($55.9 billion). Surely the top executives must be pleased with these results.
The LG Mobile Communications Company, the part of LG that deals with smartphones and tablets, improved net sales by 16 percent, reaching 15.06 trillion won ($14.26 billion) in 2014. The main driver behind this growth represented strong sales in North America, where the manufacturer sold 78 percent more units in Q4 2014 compared to Q4 2013. The division's revenue for Q4 2014 was one of 3.78 trillion won ($3.48 billion), up 5 percent from the same quarter of 2014. During 2014, the South Korean manufacturer sold a total of 59.1 million smartphones, a 24 percent increase from last year.
The division that's responsible with TV sets - called LG Home Entertainment Company - also announced strong financial results for 2014. The division reported an operating profit of 509 billion won ($482.01 million) for the year, up 31 percent from 2013. Total sales stand at 19.38 trillion won ($18.35 billion). The LG Home Appliance Company also had a strong year in 2014, with total sales of 11.54 trillion won ($10.93 billion), and operating profits of 85 billion won ($78.27 million).
For more details on LG's financial reports, check out the balance sheet, income statement, and the appendix below: