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 39638 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
D1 Milano Launches Exlcusive Limited Edition Collection –The Khaleeji
Beware of Cheap Beauty Deals: They May End Up Being More Costly
8 Jours Grande Taille - a new avatar on iconic timepiece
Tissot Lady Heart Flower Powermatic 80
Get Ready for The Festive Season with The Body Shop's Enchanted by Nature Gift C...
Sukin's Top Holiday Picks for a Supple-Skin Winter Season
Switch your hair colour safely for the new season with Rahua's Color Full range
Omega Raises Its Warranty On All Watches to 5 Years
Everyday care for your baby's hair with Fifi & Friends!
Bringing you warmth and shine this festive season
Season's Greetings 2018
Twelve Holiday Gifts for the Beauty-Obsessed Woman
The Smile Bar Opens Its First Store in the UAE
Chloé Eyewear's Feminine Appeal Seen Through the Lens of the New “Rosie” Style
Purely Pandora Classics With a Twist
#MKGO Bold: Michael Kors Unveils Bold New Arrivals
New 1948 Seamaster Watches Join the Ranks
Triumphant First Daman Dxb Swimfest at Jumeirah Beach Hotel
Festive Gifting Guide
Add a festive sparkle to your eyes with Palladio Beauty
Indulge Your Love for Animal Print with M&S
The Geo-Graham Orrery Tourbillon presents a galaxy you can reach out and wear Ge...
Parah dedicates its Fall/Winter 2018/19 collection to femininity
Starbucks announces the return of festive favourites
Tryano Launches Elemis
Coca-Cola Puts Extra Fizz Into Its Factory Thanks to Digitisation
Amp up your skincare routine with The Organic Pharmacy's new corrective serums
National Geographic Launches Mars 2 into Orbit with Season 2 Premiering Nov 15 ...
Give an abandoned or neglected cat their forever home at Kittysnip's adoption da...
Land Rover Supports Red Cross Disaster Projects Worldwide
The new BMW 8 Series Convertible.
Introducing the GUESS Holiday 2018 Collection
Sprint for a Great Cause at Al Maha
‘Celebrate 2019 Now' with special deals from Al-Futtaim Toyota
Etihad Airways Launches Model Diary of Xiaowen at China International Import Expo
Department of Culture and Tourism – Abu Dhabi Organises ‘Herfaty' Programme in A...
Jameel Arts Centre, Dubai opens with an ambitious set of exhibitions and program...
The Sharjah Stamp Exhibition celebrates the Year of Zayed
Unilever MENA calls for collective action as it's revealed that 54% of consumers...
Superhero Color Runners Prove We Are All Unstoppable!
Bharat Thakur Artistic Yoga's Flagship Studio opens in Burjuman.
IKEA Promises 25 Years of Quality Guarantee
Top five new things to do at Golden Mile Galleria this season
MG Motor unleashes the all-new MG6 in the Middle East
Special Olympics Will Create a Legacy of Inclusion Through Art
The International Council of Shopping Centers (ICSC) crowns Red Sea Mall with in...
The Custodian of the Two Holy Mosques King Salman bin Abdulaziz honored Huawei w...
Introducing Nokia 3.1 Plus to the UAE
Men's Festive Gift Guide 2018
Sawalef Perfumes is now available at Mirdif City Centre