LG Innotek Co., Ltd. (CEO Jong-Seok Park) posted sales of 1,590.9 billion KRW and a profit of 45.1 billion KRW in the fourth quarter of 2015 based on the Korean-International Financial Reporting Standards (K-IFRSs). Sales increased by 2.1% and the operating profit decreased by 25.7% from the previous quarter. However, sales decreased by 12.3%, and profit decreased by 22.3% from the year-ago quarter.

LG Innotek posted sales of 6,138.1 billion KRW and a profit of 223.7 billion KRW in 2015. This is a 5.1% and 28.8% decrease respectively from last year.

As a company representative commented, “Slowing growth in the smartphone market led to a decreased demand for smartphone components last year and global competition became more intense. The business environment was not favorable for the company, but new growth engines, including automobile electrical components, have grown steadily.”

This year, LG Innotek plans to diversify clients and products in its core businesses, including automobile electrical components and camera modules. Also, it plans to carry out activities, such as finding and developing new businesses, in preparation for rapid market changes in the future.