SaudiArabiaPR.com, Online Press Release from Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina
 
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 : Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina PR Network Editorial Team
Viewed 25771 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 SaudiArabiaPR.com.
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
NARSissist Wanted Eyeshadow Palette Get More Views [19946-Views]
NARS Erdem SS19 Beauty Report [18897-Views]
NARSissist Wanted Cheek Palettes I & II Raise Your Profile [17872-Views]
The FW18 Trend Report From Weill Paris [15908-Views]
Diana Arno Expands Online Shopping to Middle East [14739-Views]
The Trendiest Fall/Winter 2018 Accessories From Etoile ‘La Boutique' [13813-Views]
FOREO To Attend TFWA: the World's Largest Travel Retail Show [13587-Views]
Climax Mascara Never Fake It [11587-Views]
Discover the Secret to Younger-looking, Radiant Skin [10963-Views]
Brow Contour Pro 4-in-1 defining & highlighting brow pencil [10553-Views]
Kindle Devices Now Available on SOUQ.com [10160-Views]
Inaugural Beautyworld Saudi Arabia 2018 approaches full capacity ahead of October debut in Jeddah [9303-Views]
Dyson Reveals the Future of Clean Homes. [9127-Views]
The World of Aigner Wunderkammer [7946-Views]
Aseel Al-Hamad tells CNN: Nothing is impossible [7499-Views]
Halloween “Catwoman” mask using BROW products [6576-Views]
Registration open for the 4th MITEF Saudi Startup Competition [6298-Views]
Clean Air in Classrooms Improves Student Performance [5539-Views]
WWE® Crown Jewel Set for November 2 in Saudi Arabia [5514-Views]
Michael Kors to Introduce a Special-edition Whitney Handbag for the Middle East [5371-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories