LG ships 13.2 million smartphones last year

Devices vendor LG on Monday said it shipped 13.2 million units of smartphones in 2013, posting a growth of 54 percent over previous year.

LTE smartphone sales such as G2 and Nexus 5 has assisted the Korean consumer electronics major to post 29 percent increase in annual revenues of LG Mobile Communications Company to KRW 12.97 trillion ($11.85 billion) year-on-year.

LG Mobile Communications Company posted 18 percent increase in fourth-quarter revenues to 3.59 trillion ($3.38 billion) quarter-on-quarter.

The company said the positive impact of improved product mix was offset by higher marketing investments to strengthen LG’s brand equity and intensified price competition.

LG smartphone

Meanwhile, LG Electronics announced consolidated revenues of KRW 58.14 trillion ($53.10 billion) and net profit of KRW 222.70 billion ($203.65 million) for full-year 2013, marking an improvement over 2012 results. Operating profits increased modestly in 2013 to KRW 1.28 trillion ($1.17 billion) from KRW 1.22 trillion ($1.08 billion) in full-year 2012.

Fourth-quarter 2013 consolidated revenues were KRW 14.92 trillion ($14.03 billion) with an operating profit of KRW 238.1 billion ($223.89 million). Unaudited consolidated financial results for the fourth quarter ending Dec. 31, 2013 showed a net loss of KRW 63.5 billion ($60.21 million) primarily due to higher non-operating expense as a result of FX movements.

For 2014, LG Electronics is targeting a revenue goal of KRW 62.30 trillion with plans to spend KRW 3 trillion in capital expenditures.

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