LG cashes in on Samsung’s troubles, selling a record 16.8 million smartphones in the September quarter

LG cashes in on Samsung’s troubles, selling a record 16.8 million smartphones in the September quarter

LG is cashing in on recent troubles at South Korean rival Samsung, announcing a record number of smartphone shipments during the September quarter, despite weak results at some of its affiliated companies.

Overall, LG announced a 461.3 billion won ($A498.6 million) profit for the quarter, with consolidated unaudited revenues up 7.4% year-on-year to 14.92 trillion.

LG Mobile Communications Company shipped 16.8 million smartphones, up 39% year-on-year and 16% quarter-on-quarter, with 4.25 trillion won in sales and an operating income of 167.4 billion, its best financial result since 2009.

However, the news was not entirely good for the conglomerate and its affiliated companies. LG Air Conditioning & Energy Solution Company reported a 5% fall in revenues to 925.6 billion won, leading to a 2.5 billion won loss the company blames on weak domestic demand.

Likewise, LG Home Appliance Company blamed weak North American demand and unfavourable foreign currency exchange rates for its operating profits falling to 51.8 billion won, with revenues down slightly to 2.91 trillion won.

While display maker LG Home Entertainment Company saw revenues fall 3% to 4.71 trillion won off weak demand for monitors and AV products. Yet high-margin 4K Ultra HD TVs and commercial digital signage, with growing LCD TV demand, saw operating profits grow 5% to 130.5 billion won.

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