LG has posted its third quarter 2013 financial results which reveal the company reaped revenues of $12.51 billion (£7.73 billion) for the period. And while that is down year-on-year, operating profit is up by 27 per cent.

The company blames the shortfall in revenues on competitive conditions in the TV sector and unfavourable foreign currency exchange. TV sales have diminished globally, it says, and prices have plummeted so the home entertainment arm of the company saw a 7 per cent decline in revenues year-on-year.

The mobile division, however, saw a boom time in the last quarter, reporting a 24 per cent rise in revenues for the period and shipping 12 million smartphones in total. It predicts an even bigger rise for Q4 as the LG G2 only arrived at the very end of Q3, so its sales performance will more greatly affect the months to come.

"LG plans to focus on increasing sales of new premium products such as the LG G2 smartphone during the peak holiday season as well as maximizing 3G and mid-tier mass devices such as the L II Series and F Series," said LG in a statement.

LG's home appliance arm also reported a rise in revenues for Q3.