Dubai PR Network, Online Press Release from Dubai and Middle East
 
Technology, Computers & IT(Technology)
Filter PR by
  
LG Announces 2017 Financial Results
 

Strong Profitability and Highest Annual Sales Ever Led by Performance of Premium Home Appliances and TVs

DUBAI, UAE, Jan. 28, 2018 —  LG Electronics Inc. (LG) today announced record full-year revenues for 2017 of KRW 61.4 trillion (USD 55.4 billion), an increase of 10.9 percent from the previous year, the highest in the company’s history. Full-year 2017 profits of KRW 2.47 trillion (USD 2.23 billion) – the highest profit since 2009 – in-creased 85 percent from 2016 due in large part to strong performance by premium home appliances and TVs. Fourth-quarter 2017 revenues grew 15 percent versus 2016 to KRW 16.96 trillion (USD 15.3 billion), generating strong operating profits of KRW 366.8 billion (USD 330.9 million).

The LG Home Appliance & Air Solutions Company reported full-year 2017 revenues of 19.23 trillion (USD 17.34 billion), a 11 percent increase from the previous year, reflect-ing strong demand for premium products such as TWINWash washing machines, In-staView refrigerators and energy-efficient home appliances.

Fourth-quarter 2017 reve-nues of 4.33 trillion (USD 3.91 billion) rose 7 percent from the same period the previous year, with sales in Korea up 27 percent year-over-year. Quarterly operating income declined to KRW 80.7 billion (USD 72.8 million) because of increased marketing ex-penses related to LG SIGNATURE, infrastructure investments in North America and R&D expenditures related to AI appliances and robots.

The LG Home Entertainment Company reported full-year revenues of KRW 18.67 tril-lion (USD 16.85 billion), a 7 percent increase from the previous year. Strong full-year operating profit of KRW 1.57 trillion (USD 1.41 billion) reflected the continued growth in demand of premium LG OLED and UHD TV products.

Fourth-quarter 2017 sales were strong, up 14 percent year-over-year to KRW 5.48 trillion (USD 4.94 billion), thanks to increasing demand for LG premium TVs. Operating income for the quarter in-creased 134 percent from the same period 2016 to KRW 383.5 billion (USD 345.96 mil-lion).

The LG Mobile Communications Company posted full-year sales of KRW 11.67 trillion (USD 10.52 billion) despite a challenging marketplace and strong competition from Chinese brands. Fourth-quarter revenues increased to KRW 3.07 trillion (USD 2.77 bil-lion), while the quarterly operating loss narrowed to KRW 213.2 billion (USD 192.33 million) due to strong sales of the LG V30 and other premium smartphones and an im-proved business structure.

The LG Vehicle Components Company posted solid full-year sales of KRW 3.49 trillion (USD 3.15 billion), an increase of nearly 26 percent from the previous year, and quar-terly sales of KRW 856.7 billion (USD 772.8 million), down slightly from the same pe-riod a year earlier. The company’s fourth-quarter 2017 profitability declined due to a temporary decrease in sales in the infotainment business and investments in new busi-ness. Growth of the global electric vehicle market is expected to generate additional demand for components in 2018.

2017 4Q Exchange Rates Explained 

LG Electronics’ unaudited quarterly earnings results are based on IFRS (International Financial Reporting Standards) for the three-month period ending December 31, 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 1,108.51 per USD.


Posted by : Dubai PR Network Editorial Team
Viewed 21643 times
PR Category : Technology
Posted on : Sunday, January 28, 2018  12:12:00 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 : NDIGITEC launches Pep – a unique app and platform for celebr...
Next Story : Mimecast Doubles Down on Cyber Resilience for Email with Two...
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
Robinsons Honored for Outstanding Store Design [9748-Views]
Safilo Group Reveals Its Spring/ Summer 2018 Collection [7247-Views]
Bridal Glow is Skin Deep: Tips for every bride-to-be in 2018 [7247-Views]
Optim-Eyes Lashes & Brows with Filorga [6539-Views]
Redefining the Skin Clinic Experience. #allnewkaya opens in Muscat City Centre! [6509-Views]
Mealtop, Introducing a Whole New Dessert Experience [6442-Views]
Catch Some Zzz's in the IKEA Nap Truck [6301-Views]
NEZO launches new identity to guide consumers in selecting the best salt for their culinar... [5642-Views]
South African artisans of fine leather products look to make big impression at Leatherworl... [5307-Views]
Dual Investments Brand LE66 to Relocate from City Walk to New Dubai Location in 2018 [5142-Views]
Global Expansion in sight for ICONS© Coffee Couture [5057-Views]
Raymond Weil's Freelancer Ladies [4959-Views]
Tag Heuer Carrera Heuer 02 [4862-Views]
Do You Feel Sleep Deprived? Nearly Half of UAE Would Give Up Social Media for an Extra Hou... [4764-Views]
Al Ghurair Foundation for Education Event on ‘Graduating Work Ready Youth' Unveils Researc... [4666-Views]
15,000 participate in the Dubai Cares' annual Walk for Education 2018 in support of childr... [4325-Views]
DAMAC Properties deliveries surpass 20,000 unit milestone as it reports net profit of AED ... [4233-Views]
Al Qattara Investments reveals expansion plans for Al Ain [4172-Views]
Dealing with Diabetes: What German Medical Center's doctors say about the incurable diseas... [4124-Views]
Indian FMCG Conglomerate Hamdard Laboratories brings “The Drink of India” - RoohAfza to UA... [3989-Views]
Jaguar Land Rover Awarded as Company of the Year [3934-Views]
Galderma's “Leave Your Mark” Mobile Clinic heightens awareness of skin diseases amongst yo... [3928-Views]
Dubai Culture Launches ‘My Environment My Responsibility' Initiative in Hatta [3910-Views]
Name of New High-sided Vehicle to Be Rolls-royce Cullinan [3800-Views]
Middle East Fuji LLC exhibits the Gold medalist of Japanese branded “Kobe Beef” at Gulf Fo... [3788-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories