LG.Philips announce massive upturn in profits
LG.Philips, a joint venture producing LCD panels, has announced a dramatic return to success by posting a net profit of $228 million over the second financial quarter.
And, the company predicts even bigger revenues in the next quarter courtesy of effective cost cutting and competitive prices. LG.Philips is the second largest manufacturer of LCD TVs and sales have risen by 44.9%.
LG.Philips CEO, Kwon Young-soo, said, “Our second quarter performance was better than expected. This was driven in large part by successful efforts to cut costs, and to keep disciplined spending and healthy inventory levels. We benefited from more rational production and pricing levels in global markets.”
228 MILLION not BILLION...
Posted by: Lionel Guicherd-Callin | July 11, 2007 12:59 PM