Dubai PR Network, Online Press Release from Dubai and Middle East
 
Mobile Device & Consumer Electronic(Technology)
Filter PR by
  
LG Electronics Announces Third-Quarter 2017 Financial Results
 

Home Entertainment Achieves Record Profitability; Home Appliances Report Strongest Third Quarter Revenues Ever

Dubai, UAE, 28 October 2017: LG Electronics Inc. (LG) today announced consolidated third-quarter 2017 revenues of KRW 15.22 trillion (USD 13.44 billion), an increase of more than 15 percent compared with the third quarter the previous year. All of LG’s four major business units reported higher revenues from the same period a year ago. Quarterly operating income of KRW 516.1 billion (USD 455.7 million) almost doubled from 2017, reflecting strong profitability in home entertainment and appliances despite the gloomy business environment resulting from increasing international trade concerns. 

The LG Home Appliance & Air Solution Company once again accounted for the largest share of quarterly revenue with KRW 4.98 trillion (USD 4.4 billion), an increase of 16 percent from the same period last year, buoyed by strong sales in North America, Europe and Asia, particularly in the domestic market. Operating income of KRW 424.9 billion (USD 375.16 million) was 26 percent higher year-over-year. Demand for premium appliances in Europe, Latin America and Asia, especially Korea, is expected to remain strong in the fourth quarter.

The LG Home Entertainment Company reported its highest quarterly operating profit of KRW 458 billion (USD 404.39 million) and record high operating margin of 9.9 percent thanks to higher demand for premium TVs in the Americas and Asia. Sales improved 12 percent from the same period in 2016 to KRW 4.64 trillion (USD 4.09 billion). LG’s strategy to overcome volume competition by expanding the premium component of its TV business focusing on OLED and Ultra HD TVs is proving to be a success. Sales of OLED units by the end of the third quarter were equivalent to the total number of units sold in 2016 which was more than double the 2015 figure.

The LG Mobile Communications Company recorded revenues of KRW 2.81 trillion (USD 2.48 billion), an increase of 8 percent from a year ago and 4 percent higher than the previous quarter, primarily from sales of the flagship G6 smartphone as well as mass-tier models such as the Q and K series. An operating loss of KRW 375.3 billion (USD 331.37 million) was an improvement of 13 percent from the 2016 third quarter. Smartphone shipments of 13.7 million units were 44 percent higher than the second quarter in the domestic market and 9 percent higher in North America. The business unit will focus on driving increased sales of the well-reviewed V30 and improving cost competitiveness in the final quarter of the year.

The LG Vehicle Components Company achieved strong sales of KRW 873.4 billion (USD 771.2 million), up 29 percent from the third-quarter of 2016, while reporting an operating loss of KRW 29 billion (USD 25 million) in the quarter, reflecting continued investments in R&D and business development. Sales of infotainment products and electric vehicle (EV) components remained strong although slowing global automobile sales affected the business unit’s growth. An increase in EV production by major automobile manufacturers is expected to help grow the vehicle components business going forward.

2017 2Q Exchange Rates Explained 
LG Electronics’ unaudited quarterly earnings results are based on IFRS (International Financial Reporting Standards) for the three-month period ending September 30, 2017. Amounts in Korean won (KRW) are translated into U.S. dollars (USD) at the average rate of the three-month period of the corresponding quarter ― KRW 1,132.57 per USD.


Posted by : Dubai PR Network Editorial Team
Viewed 10687 times
PR Category : Technology
Posted on : Saturday, October 28, 2017  12:03:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : HUAWEI Mate 10 Series takes the UAE by storm with breakthrou...
Next Story : Tecno Mobile to Reveal New Handset After Successful First Ye...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
24 Karat Gold Elixir by Mehrunisa Launches in the UAE Beauty Market [11230-Views]
Interview with Asil Attar, CEO of Al Yasra Fashion [10870-Views]
Festive Gift Sets from Bubble T [10022-Views]
Get Ready for Party Season with Lottie's new make-up hits [9931-Views]
Holiday Gifting Made Easy with Wet n Wild Beauty Specials [9681-Views]
DKNY Launches (Limited Edition) Holiday 2018 Collection [9077-Views]
Tissot PR100 Lady Sport – Chic Glamourous Festive Season [9022-Views]
Winter wool Christmas must- haves [7808-Views]
New 1948 Seamaster Watches Join the Ranks' [7534-Views]
Samsung Galaxy A9 – Designed to capture the world in its fullest [6972-Views]
Tissot PR100 Lady Sport – Chic Sporty yet Feminine [6673-Views]
Chic and Stylish Wraps with a 3 in 1 effortless concept [6582-Views]
Michael Kors Collection Transeason 2019 Press Presentation [6472-Views]
Dubai Shopping Festival Wednesday Specials at The Smile Bar [6362-Views]
Santa is Coming to Town! [6100-Views]
9th Edition of China Homelife Exhibition to Have Over 3000 Exhibitors Across Business Sect... [5582-Views]
New Menu alert: Moombai & Co. launches exciting and delicious food items to its menu [5533-Views]
Els Back for the 30th Omega Dubai Desert Classic Aiming for a Record Fourth Victory [5258-Views]
CITIZEN's “#MyBetterStartsNow” campaign seeks out UAE's inspired and driven individuals [4935-Views]
UAE students win top awards at international math competition in Malaysia [4910-Views]
Enjoy 11 exciting new street entertainment shows at BOLLYWOOD PARKS™ Dubai [4746-Views]
Model of the Year Takes Camo to Catwalk Level [4709-Views]
Get Party Ready with Champion Cleaners [4575-Views]
Marni Introduces Marni Rothko, A 7-layer Acetate Frame With a Vivid, New Color Palette [4508-Views]
'Introducing the GUESS Jeans Fall 2018 Collection' [4465-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories