LG Electronics has announced their earnings for Q2 2013. They have reported net profit of 156 billion Won (US$ 139.4 million) with operating profits of 479 billion Won (US$ 426.92 million). In the mobile communications sector it reported operating profit of 61 billion Korean Won (US$ 54.37 million), which is 35% more compared to Q2 2012, but it is 3% less QoQ. LG shipped 12.1 million units of mobile phones in Q2 2013, a 17 percent increase compared to previous quarter and a 112% Increase YoY. This is a new quarterly unit sales record for LG.
LG believes that the profit has decreased due to weaker demand in the Korean market, lower average selling price due to increased competition and higher marketing investments. It plans to sell more masstier smartphones such as L-seriesII and F-series phones in this quarter and believes that the recently launched G Pro and the upcoming LG G2 should increase the company’s product competitiveness.