LG reports record-high earnings
In the midst of the global recession, at least one company’s business is booming.
LG Electronics reported on Wednesday record-high quarterly earnings of $1.15 trillion Korean won ($920 million), a leap of 62 percent over the year-ago quarter.
Global sales for the quarter that ended June 30 shot up 13.8 percent to 14.5 trillion won ($11.63 billion).
LG’s results were helped by a weak won vs. U.S. dollar. But skyrocketing sales of both cell phones and flat-screen televisions also boosted the bottom line.
LG shipped a record 4.28 million LCD TVs in the second quarter, compared with 2.96 million a year ago. Cell phone shipments reached 29.8 million units in the quarter, 8 percent higher than the year-ago quarter and 32 percent higher than the first quarter. The company said customer demand was especially heavy for its new touch-screen Cookie phone.