Help me find....   in  search  

LG boosted by LCD TV sales

11 Jul 2007 15:00

If you want to know just how popular flat-panel televisions are getting these days, then remember that as the old saying goes - the proof is in the pudding.

And that is certainly the case for LG Philips LCD, as the company has announced that it has returned to profitability in the second quarter of 2007 with net profits of 228 billion won (£122 million).

This is a marked improvement on the first quarter of this year, when the firm made a loss of 322 billion won (£179 million).

In April, May and June of this year, LG Philips LCD saw a 23 per cent increase in sales compared with January, February and March, and a 43 per cent increase when compared to the same period last year.

Young Soo Kwon, chief executive officer of the company, said: "Our second quarter's performance was better than expected, which underscored a faster than anticipated turnaround.

"This was driven in the large part by the successful implementation of the company's strategies aimed at reducing costs, sustaining a disciplined capital expenditures (capex) strategy, maintaining healthy inventory levels and developing plans for capacity expansion, especially at [the plant] P7.

"Overall, we benefited from the market's more rational production and pricing levels and believe LG Philips LCD is well positioned for continued performance improvement in the second half of 2007."
©mangotango.co.uk
AddThis Social Bookmark Button
Data too long for column 'errormsg' at row 1