LG Innotek (CEO Ung-beom Lee) continues to show solid growth, recording its highest ever performance last year.

In 2014, LG Innotek recorded KRW 6,446.1 billion won in revenue and KRW 314.0 billion in net profit, based on the Korea International Financial Reporting Standards (K-IFRS), representing an increase of 4.1% and 130.6%, respectively, over the preceding year.

An LG Innotek executive stated, “This result is attributable to our efforts to further strengthen the foundation for our future business lines through the convergence of core technologies, such as automotive electric and electronic parts and semiconductor wafers, while augmenting the global market leadership of our camera modules, despite the uncertain market conditions.”

In addition, LG Innotek recorded KRW 1,815.0 billion in revenue and KRW 58.0 billion in net profit in Q4 2014, showing an increase of 17.6% and 100.8%, respectively, over the same period of the previous year. Notably, the fourth-quarter revenue increased 10% over the preceding quarter despite the seasonal slump in demand, while the fourth-quarter net profit decreased by 43.6% over the preceding quarter.

LG Innotek plans to further accelerate its preparations to become a business specializing in the most advanced materials and parts by diversifying into the Internet of Things (IoT) and other promising neighboring domains, while further augmenting the competitive foundation for its main business lines, including electric and electronic automotive parts, camera modules and semiconductor wafers.