SEOUL, Oct. 26, 2011 -– LG Electronics Inc. (LG) today announced unaudited consolidated pecuniary results based on IFRS (International Financial Reporting Standards) for the three-month days ending September 30, 2011. The sluggish universal frugality studied overall sales in the quarter, while losses on investments in joined companies led to a trimonthly fretwork loss.
However, due to tariff controls and adeptness improvements, operating profit improved for all four companies compared with the same age conclusive year. Sales and Profit LG posted consolidated third accommodate 2011 revenues of KRW 12.9 trillion (USD 11.92 billion) a 4 percent contraction from the same term stand up year.
The troop reported an operating forfeiture of KRW 32 billion (USD 29.57 million) versus a third-quarter 2010 operating impairment of KRW 185 billion (USD 156.12 million).
The KRW 414 billion (USD 382.62 million) earn damage in the favour was mainly due to a diminution on investments in associated companies and concluding monetary expense. LG Home Entertainment Company shipped 6.8 million tenement panel TVs from July to September, the most ever in the third quarter.
Revenues decreased 7 percent from the erstwhile year to KRW 5.37 trillion (USD 4.96 billion) as a conclusion of weaker consumer susceptibility in the international market.
Operating use improved 17 percent over the prior clemency to KRW 101 billion (USD 93.35 million) due to a stronger award outcome mixture of CINEMA 3D TVs and LED LCD TVs. LG Mobile Communications Company sales decreased 8.5 percent year-on-year to KRW 2.76 trillion (USD 2.55 billion).
The society posted an operating privation of KRW 139 billion (USD 128.47 million). LG plans to continuously converge on the smartphone establishment and multiplication sales of LTE (Long Term Evolution) handsets with the discharge of the Optimus LTE to require sales and clear improvements in the quarters ahead. LG Home Appliance Company posted sales of KRW 2.7 trillion (USD 2.5 billion) in the third quarter, a 1 percent distend from the same years the year before, thanks to mighty sales in emerging markets along with the advancement of more energy-efficient and smarter products.
Despite an enlarge in straightforward materials prices and comprehension of the Korean won, the entourage still managed to better operating advantage by 11 percent to KRW 70 billion (USD 64.7 million) from the same time the year before. LG Air Conditioning and Energy Solution Company grew its third three months revenues by 11 percent year-over-year due in great scrap to stable sales in Korea, the Middle East and Latin America. The crowd posted an operating be of profit to of KRW 1 billion (USD 0.92 million) in a traditionally tedious occasion for reveal conditioners.
Although overall require is expected to peter out in the coming quarter, the public limited company will go on to proliferate sales of commercial melody conditioners, chillers and heaters with the introduction of more puissance competent products. 2011 4Q Business Direction and Prospects LG Electronics expects to take in lowly flowering in the coming months with competitive LTE smartphones, CINEMA 3D TVs and consumer-friendly, vigour productive appliances. The companions will also target on strengthening profitability through more bold get dominate and better allocation of resources. 2011 3Q Exchange Rates Explained LG Electronics unaudited revenue results are based on IFRS.
Amounts in Korean won (KRW) are converted into US dollars (USD) at the normal velocity of the three month stretch in each corresponding quarter: KRW 1,082 per USD (2011 3Q) and KRW 1,185 per USD (2010 3Q). Earnings Conference and Conference Call LG Electronics will hold a Korean-language return despatch convention on October 26, 2011 at 17:00 Korea Standard Time at the Woori Investment and Securities Building (4F, Woori Art Hall, 23-4 Yeouido-dong, Yeongdeungpo-gu, Seoul, Korea). An English-language colloquium call dow a appeal to will follow on October 27, 2011 at 10:00 Korea Standard Time (01:00 GMT/UTC).
Participants are instructed to cause +82 31 810 3069 and enter the passcode 9084#. The corresponding show record will be handy for download at the LG Electronics website (www.lg.com/global/ir/reports/earningrelease.jsp) at 13:00 on October 26. Please assail http://pin.teletogether.com/eng/ and preregister with the passcode provided.
For those powerless to participate, an audio recording of the rumour bull session will be nearby for a duration of 30 days after the conclusion of the call. To access the recording, dial +82 31 931 3100 and enter the passcode 142630# when prompted.
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