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 23612 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
Cerruti 1881 Infinite Love [35063-Views]
Oh, Sweetie Lipcolour! [30131-Views]
Express Your Signature Style [26720-Views]
The Memovox Adventure [23477-Views]
Sacoor Brothers launches FIRST ever Fragrance “GENTLEMAN” [22538-Views]
Bath-time Essentials from Corine de Farme [20926-Views]
Jaeger-Lecoultre Main Sponsor of the 75th International Film Festival of La Biennale Di Venezia [20726-Views]
Rasasi Introduces Exquisite Musk Collection [20693-Views]
Sharjah continues to become more affordable, with rents and sales prices falling – Bayut H1 report [20496-Views]
Celebrate the Moment with Mouawad Jewelry [14953-Views]
Introducing Salvatore Ferragamo's Men's Sun and Optical Capsule [13407-Views]
Marchon Eyewear and G-III Apparel Group Sign Exclusive Global Licensing Agreement For DKNY and Donna... [11632-Views]
Huawei's New Range of Artificial Intelligent Smartphones Set to Change Your Selfie Game [11168-Views]
The #1 trick to capturing the best photo at night? The trick is the AI camera in HUAWEI P20 Pro [11066-Views]
Your search for the best gifts just got easier with SOUQ's Interesting Finds [10414-Views]
Skyline Suhoor Night 2018 [9336-Views]
Cerruti 1881 MOLVENO timepiece and cufflinks [8930-Views]
LG launches new AI-powered premium LG G7 ThinQ+ flagship for GCC consumers [8278-Views]
The Annual Skyline Iftar at Skyline University College [6904-Views]
Historic Day Marked by Female Racing Driver as Saudi Women Gain the Right to Drive [6695-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories