LG Electronics (LGE) reported a four per cent increase in quarterly revenues, thanks to robust sales of premium handsets and home appliances.

LG Electronics (LGE), the global leader in consumer electronics and mobile communications, announced its unaudited earnings for the three month period ending March 31, 2007. 

For the first quarter of 2007, the company posted a revenue of $6.43 billion.

This amount constitutes to a 4.0 per cent increase when compared to figures recorded for the corresponding time period last year.

This increase in revenue earnings is primarily due to robust sales of premium handsets and home appliances.

On consolidated basis revenues including sales figures from LGE’s overseas subsidiaries, reached $10.22 billion.

This monetary value constitutes an 8.3 per cent increase when compared to results from the previous year.

LGE’s Mobile Communication Company recorded sales earnings worth $2.67 billion which in turn translates 14.7 per cent increase when compared to LGE’s Mobile Communication Company’s sales figures from the corresponding time period last year. 

Revenue from the handset business rose by 17.8 per cent to reach a total of $2.50 billion with total in shipments of 15.8 million units during the first quarter of 2007.

Success of ‘Shine’ phone and DMB line-ups in Korea pushed up shipments thus constituting to a quarter on quarter increase of 46 per cent.

From another angle, the continued high demand for premium ‘Chocolate’ phone in GSM open-markets led a quarter on quarter increase of shipments worth 28 per cent.

A growth in WCDMA phones sales was realised in Korea and the US.

Furthermore, the mobile communication company’s operating margin for the first quarter of 2007 was recorded to be 4.7 per cent.

LGE’s Digital Appliance Company recorded a 15.1 per cent increase in sales earnings which constitutes to a $3.13 billion monetary value increase when compared to corresponding figures from the previous year.

These positive sales earnings are attributed to a growth in LGE’s premium product lines.

The improvement of operating profit for this particular unit was also remarkable, for the increase was recorded to be $17.9 million which is 43.6 per cent higher than operational profits recorded earlier and a 37.1 per cent increase from the previous quarter. 

The Digital Display Company sales including plasma display panels (PDP) and flat panel TVs and monitors rose by 1.5 per cent to reach a total $2.93 billion increase in sales from the previous year.

Commenting on these results, general manager of the LGE Amman branch, Kevin Cha said:

“I am proud of what we as a global company have achieved, for we have continued to excel in terms of solidifying our global presence once again despite the fact that the global electronics’ market has witnessed high levels of competition.

“We attribute this achievement to the cost effective, convenient, and innovative attributes of our product lines, for these results show our true commitment to excellence.”

Cha said he anticipated profitable growth and market leadership in LGE’s business for years to come.

Commenting further on his outlook for the remainder of the year 2007, and the years to come he said:

“We work intelligently and diligently towards solidifying our position as a company on both the parent and global levels.

“The recognition that we are receiving from Internationally-acclaimed organisations and awarding bodies is further proof of our position as a leader in all terms of our operation.

“We possess great pride in all the members of the LGE Family and their efforts, and are looking forward to reaping more notable achievements and results in the year to come.”

From his end Ghazi Farouq the assistant managing director for Marketin