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LG announces sparkling quarter

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Apr 21,2004
LG Electronics Inc. announced yesterday that its sales in the first quarter were the highest ever, despite the stagnant domestic economy. Overall revenue for the first three months was 5.99 trillion won ($5.2 billion), with net profits of 584.7 billion won, LG officials said. “We actively promoted premium home appliances and focused our marketing on cellular phones and flat-panel displays,” said Park Mun-hwa, president of the company’s telecommunication equipment and handset division. Mobile phone sales increased 39.5 percent compared to the same period last year, a record 1.8 trillion won. The company, one of Korea’s largest home appliances makers, plans to expand growth in the telecommunication and information fields, which include digital television sets, handsets, and plasma display panel televisions. “We plan to sell 40 million cellular phones this year, 7 percent of the global market. We are aiming to increase that percentage to 14 percent by the year 2007,” Mr. Park said. Meanwhile, LG Electronics shares more than doubled compared to the fourth quarter last year. Yesterday, they gained 1,500 won and closed at 77,800 won. by Lee Hyun-sang


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