LG has claimed that it has turned a corner, with its latest financial results showing a return to profitability for a company that has been battling net losses for the prior six months.
LG's profit of KRW 243 billion – which equates to $214 million or around £133 million – has been a huge relief to a company that has struggled of late.
"LG today announced that after two consecutive quarters of net losses, the company has turned the corner… a direct result of the company's efforts to innovate in all key business units and focus on high-performing products," read the company's global statement.
Sluggish European market
Despite falling sales in a 'sluggish' European market, LG's home entertainment arm performed admirably and home appliances recorded a near 50 per cent increase in year on year performance.
In the company's troublesome mobile phone arm things were definitely improving, although significantly short of last year's corresponding period.
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"Overall revenues declined 14 percent year-over-year…as a result of declining feature phone sales but smartphone revenue increased due to the popularity of Optimus LTE and Optimus Vu: in the home market," added LG.
"The company expects to strengthen its smartphone line-up even more in the second quarter with the introduction of its L-Style series and quad-core smartphones."
Although it has never been anything other than outwardly optimistic about its smartphones – LG will be well aware that the decline of feature phones means that its handsets need to start capturing the public's attention.
But in the meantime, it will at least be celebrating a return to profitability and hoping that it is green shoots of recovery that we are seeing and not just weeds.
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