By Mark Sutton
LG Electronics increases sales by 22% in first half of 2003, due to strong performance in monitors and GSM handsets
LG Electronics is reporting strong growth in the Middle East region for the first half of the year. Despite some negative impact from the war in Iraq, the company saw an overall 22% rise in business in MIddle East and Africa, creating sales of $709 million.The company reported strong growth in ten of its twelve regions, with particularly good results in Iran and the UAE. Sales in Iran were up by 36.1% to $162 million, while the UAE increased 48.3% to $119 million.“Despite the year’s earlier regional uncertainties culminating in hostilities in Iraq which negatively impacted results from Jordan, and lost business in Tunisia where tight government monetary restrictions reduced local business credit limits, the region has continued to perform significantly well,” said MB Shin, president, LG Electronics Middle East & Africa.“Continued sales growth and performance have been achieved through the aggressive pace of bringing new products to market and intensive region wide marketing initiatives,” Shin added.The growth was attributed to the performance of LG’s GSM handset and monitor ranges, as well as success from household electronics. The company is now aiming for sales of $1.387 billion for 2003.