LG Posts Biggest Ever Revenue in 2017 Thanks to TV Sales, Mobile Division Posts Loss

LG Posts Biggest Ever Revenue in 2017 Thanks to TV Sales, Mobile Division Posts Loss

LG Electronics, South Korea’s tech behemoth, posted its biggest-ever revenue in history in 2017 due mainly to strong TV sales, the company said on Thursday.

Revenue reached record high of KRW 61.4 trillion ($57.9 billion or roughly Rs. 3.68 lakh crores) in 2017, topping KRW 60 trillion for the first time in the company’s 60-year history, Xinhua news agency reported.

Operating profit was 2.47 trillion won ($2.33 billion or roughly Rs. 14,800 crores) last year, marking the second-biggest in its history.

The revenue increased 10.9 percent compared with the previous year, with the operating profit jumping 84.5 percent.

During the October-December quarter, LG’s revenue reached KRW 16.96 trillion ($15.99 billion or roughly Rs. 1.01 lakh crores), up by 14.8 percent compared with the same period in the previous year.

Operating profit turned into the black with KRW 366.8 billion ($346 million) in the fourth quarter from a deficit of KRW 35.2 billion ($33 million) a year earlier.

During the December quarter, LG’s TV unit posted KRW 5.48 trillion ($5.17 billion) of revenue. It was up 14.2 per cent from a year ago. The unit’s operating profit surged 133.8 percent to KRW 383.5 billion ($362 million) in the quarter.

The mobile communications division, which makes smartphones, posted an operating loss of KRW 213.2 billion ($201 million) in the fourth quarter on high marketing costs and higher component prices.

[“Source-gadgets.ndtv”]