LG mobile phone sales, profits down in Q1

Tuesday 21 April 2009 | 09:27 CET | News
LG Electronics shipped 22.6 million mobile phones in the first quarter, down 7 percent from a year earlier and down 12 percent from Q4 due to the economic recession and a seasonal slowdown. LG expects to return to sequential growth in Q2, forecasting a double-digit increase in its unit sales versus Q1, but the Korean company still expects a contraction in the global handset market this year, predicting a 10 percent volume decline in sales to around 260 million units. LG's mobile division revenues for the quarter were still up 16.8 percent from a year earlier to KRW 4.253 trillion, helped by strong sales of mid- and high-end models such as the Cookie and the Viewty. Operating profit from the mobile communication division fell to KRW 255 billion from KRW 457 billion a year earlier. LG said it will work on improving profitability at the division in the rest of the year and also gaining market share.

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