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 >> Technology

 
  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 31842 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
Skyline Book Fair 2018
Holiday hair: The best product to keep your locks smelling fresh and protected
Marchon Eyewear Summer 2018 Collections
ServeU to Take Huge Leap Forward with Smart Cleaning Robots
du Distributes Eid Gifts at Al Jalila Children's Hospital
Al-Futtaim ACE celebrates Eid with exciting offers and activities
Filorga introduces two new additions to its UV-BRONZE range offering a comprehen...
24 hour Mega Sale at Dalma Mall!
CSR Initiatives by Malabar Gold & Diamonds continues in full strength
Purify Your Skin with Skin Republic
A Sparkling Gift Guide for Eid al-Fitr by Mouawad
Skin Hydration is one of the primary challenges our skin faces in the UAE
Beauty on the Go
Al Ghandi Auto brings the most Affordable Electric Vehicle - Chevrolet Bolt EV -...
Rapid renewal of smartphone portfolio brings next generation Nokia 5 and Nokia ...
Captivate Your Senses with Marks & Spencer's Exclusive Oud Collection
Crowe Horwath announces global rebrand to “Crowe” Sometimes a smart decision i...
Stylish men's watch - BU4018-11H - with rose gold case and black dial is a real ...
Hamdan Bin Mohammed Heritage Center distributes Eidia on first day of Eid
Splash's ‘Life After Fashion' Campaign Breathes New Life into Old Garments
iVOOMi Smartphones Enter the UAE Market Exclusively on SOUQ.com
New open-air member of the AMG GT family
Abu Dhabi Treats Eid Al Fitr Visitors to Shopping Bonanza with 90% Discounts Acr...
The Summer Just Got Sweeter with the New Palm Candy Collection from Max
Hamilton Jazzmaster Maestro Auto Chrono
Tissot Chrono XL Tour de France Special Edition Cycling just got big
Dubai to Witness the First Ever Jewellery Season With Grand Discounts and Surprises
Great Moments Manero Flyback accompanies Swiss National Soccer Team To Russia
The Lacoste Moon Collection
The Rado True Phospho wins 2018 Good Design Award®
Axalta and Mohamed Naser Al Sayer Toyota Service Body Shop Go Green in Kuwait
Hair Rituel by Sisley Now available at Paris Gallery
Boss watches presents Master Collection
Mido Baroncelli - A Trilogy of Limited Editions
Eid Al Fitr, the FIFA World Cup and much more at Danat Al Ain Resort
Zulekha Hospital surgeon saves patient from losing normal hand functions
Summer Romance in the air with Max's new seasonal Collection
Celebrate Eid Al-Fitr with Emaar Entertainment
Eight Tips to Avoid Overindulging this Eid
Skydance: The Sun – shining amid the immensity of the galaxy
Liali Jewellery gets the Capillary Technologies boost to enhance customer engagement
Medeor 24x7 International Hospital, Al Ain - Quran Competition
Ibn Battuta Mall debuts three international kids' shows this Eid Al Fitr and DSS
DHA Hospitals becomes first in the Emirate to use clip technology by angiography...
Dubai Summer Surprises Calendar of Events Revealed
Celebrate Eid Al Fitr at Dubai Festival City
All Abroad… Mobile Cinema Bus presented by Pert Plus
Etisalat launches the Middle East's first Apple Watch Series 3 with built-in cellular
GSK distributes 8,500 ecofriendly Iftar meal bags to people across the GCC
Masdar City's Etihad Eco-Residence Wins Emirates Green Building Council MENA Gre...