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October 25, 2012

Strong smartphone sales boost LG’s profit in Q3 2012

LG is also planning to make a Nexus smartphone for Google

By CBR Staff Writer

South Korean consumer electronics maker LG Electronics has reported rise in its profit during third quarter (3Q) of 2012 to $142m, compared to $374m loss during the corresponding period in 2011.

According to the firm, the 59% rise smartphones shipments in the quarter over the last year’s quarter, and 23% rise to 7 million shipments from Q2 2012 have assisted the firm to end losses at its mobile phone business.

Sales of LG Electronics declined by 4% to KRW12.4 trillion ($11.2bn), due to fall in sales of low-end cellphones and reduced demand for TVs due to weak economy.

The Optimus G smartphone maker posted loss in last two quarters of 2011, prior to recurring to profit during the Q1 2012, during which the mobile communications segment reported a small profit.

LG reported that the rise in profit was due to increasing demand for smartphones operating on ‘LTE’ networks that are currently on sale in South Korea, Japan and the US.

In addition to launch of its own 5-inch Optimus Vu:2 phablet in South Korea in November, LG is also planning to make a Nexus smartphone for Google which is expected to be unveiled soon.

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