LG rise continues, breaks its Q3 records with ease

Another particularly successful company in the third quarter 2009 has announced its financial results today. LG have recorded their highest-ever revenue and profit for this period of the year.

Their consolidated revenue rose by 15.7 percent compared to last year, reaching 11.2 billion US dollars. Operating profit reached 685 million US dollars, which is 1.3 percent higher than the third quarter last year.

As usual recently, the mobile division is one of the best performing in the conglomerate, recording 3.75 billion US dollars in sales - an increase of 21.9 percent YoY. The operating profit is up 8.4 percent to 314 million US dollars.

Out of those, pure handset sales accounted for 3.53 billion US dollars revenue and 309 million US dollars profit. LG mobiles phones shipments saw an increase of 37% year-over-year and 6 percent quarter-over-quarter to 31.6 million units. Those numbers secure the company the 3rd largest mobile phone manufacturer spot with a market share of about 11.2 percent.

According to LG, the reason behind this success is the robust growth they've been experiencing in emerging and European markets, thanks to products such as Cookie and messaging-oriented phones. However price erosion, along with increased sales of low-end handsets caused the comparatively lower profit figures.

The full LG Q3 2009 financial report can be found here.