LG sums up financial Q2, has pockets full of cash

The second quarter of 2009 gave LG a reason to smile as the company achieved record-high sales and operating profit. Every single of the Korean company's divisions is on the rise with the Mobile Communications Company being the best performer.

Sales on a global basis went up 13.8 percent compared to the same period of last year to reach 11.229 billion US dollars. The operating profit jumped to 878 million US dollars resulting in a margin of 7.8 percent, 1.1 percent higher than the previous year.

Of those the sales of the mobile phones account for 3.778 billion US dollars, a huge 29.9 percent higher than the previous year. The operating profit of the division has reached 417 million US dollars for a margin of 11 percent.

The shipments of LG handsets recorded an increase of 7.8 percent YoY and 32 percent QoQ totaling 29.82 million units over the past three months. According to the company the handsets that have done the best on the market are LG Cookie, which already sold more than 5 million units, LG KS360 and the multimedia flagship LG KM900 Arena.

LG expect the global market to shrink 6 percent YoY over the next quarter to around 280 million units. However the company maintains its steady growth expectations, which should be achieved thanks to the upcoming fourth model in the LG Black Label Series, the WinMo-running GM730 and the GD900 Crystal.

You can find the full report over here.