Second-quarter figures reveal challenging period for LG
LG Electronics has released the results for its second quarter of 2015, announcing a net profit of 226.4 billion won (£125m) affected by a 'sluggish global TV market and intense competitive pressures'. Overall Q2 sales declined 7.6 percent from the same period last year to 13.93 trillion won (£7.7bn), while operating profits also declined to 244.1 billion won (£161m).
LG's Home Entertainment division brought in a revenue of 3.93 trillion Won (£2.3bn), which the company attributes to slowing market for LCD devices; however, LG is optimistic that sales will improve for its 4K products as it develops its OLED line.
The technology giant saw sales increase by one percent on the previous year in its mobile communications sector, reaching 3.65 trillion Won (£2.13bn) in revenue.