GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share

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 : GoDubai Editorial Team
Viewed 29573 times
Posted on : Sunday, January 28, 2018  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : NDIGITEC launches Pep – a unique app and platform for celebrities to share exclusive content with fa...
Next Story : Mimecast Doubles Down on Cyber Resilience for Email with Two Key Executive Appointments
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Meet the FOREO family as they share their top tips for radiant skin during the ...
Three Trends to Try with Palladio Beauty
Care for your baby's sensitive skin with Corine de Farme
Do Explore More with Pandora
Ramadan-Inspired Sandro SS18 Pieces
Caudalie The Cleansing Collection
Lexus sweeps two podium finishes at round two of 2018 AUTOBACS SUPER GT 500 series
Charlotte Tilbury, the World's #1 Celebrity Makeup Artist, Announces the Opening...
Marchon Eyewear New Collections
Get Voluminous Eyelashes and Eyebrows with Rodial's Lash and Brow Booster Serum
MAC - Prep + Prime Fix +
New Master Maserati Driving Courses for 2018
Spinneys Puts Local Food Heroes in the Spotlight this Ramadan
‘Tree of Life' Continues to Change Lives at Arabian Center, This Ramadan
Ethereum - Second In A Series Of Exclusive Cryptocurrency Watches Launched
Glambeaute.com's Special Ramadan Beauty Packs
Mads Mikkelsen Spotted on Red Carpet at Cannes Wearing Ulysse Nardin Masterpiece
Pottery Barn Kids Launches Baby Registry Service to Welcome Newborns
Pick what suits you from essence Spring/Summer 2018 nail polish collection
1st Edition of Cannes International Film Festival From May 8 to 19, 2018
White Man & Woman Focuses on Innovation and Sustainability With Patagonia at Whi...
Karl Lagerfeld Celebrates Fall / Winter 2018 Collection
Breitling's Navitimer 8 Collection Arrives in The Middle East
Stay connected with your loved ones this Ramadan season with the Nokia smartphones
Make Ramadan Better With the Gift of Sharing
Hour Choice Presents Coach Perry Collections – Ramadan Exclusive
Facebook Launches Youth Portal, a Central Place for Teens
Aru Impressed with Team Spirit as Italian Champion Secures Top Ten Finish
Elvis Presley's OMEGA Sells for a World Record CHF 1,500,000 at Auction
Get Your Nails Summer Ready with FC Beauty
du Helps You Stay Connected this Ramadan with Exclusive Offers Throughout the Ho...
Global Rollout of LGG7 Thinq Gets Underway
HP and DiSTI Join Forces to Reinvent Enterprise Training Using Virtual Reality
Iftar at Roda Al Murooj
Revel in the all-new Mango Memory Menu – a summer treat by Moombai & Co
Celebrate Father's Day in 'Swiss Style' with Raymond Weil.
Dubai Festival City is the place to be this Ramadan
Etihad Airways Introduces Ai Robot Sophia to Abu Dhabi
Panasonic Continues to Raise the Bar for Excellent Customer Service
A Nose for Great Sound
Emirates Post Offers Valued Discounts to Six Destinations this Ramadan
OMEGA goes onshore in Newport to unveil the Volvo Ocean Race winner's watch
Word's Best Air Purifier Launched in Dubai
Sheikh Juma launches his Asian Games preparations with NAS Run
MINI Middle East launches partnership with ekar to provide premium cars to carsh...
Turkish Airlines Announced its 2018 April Passenger and Cargo Traffic Results
Lufthansa Group and Travix announce NDC partnership
Manero Flyback A Modern Take on a Retro Style
Defending champs Surprise down Raptor to reach semis
The Puppeteer Behind ‘Star Wars'