LG Electronics posts biggest-ever revenue on strong appliance and TV sales

LG Electronics Inc (LG) on Thursday announced record full-year revenues for 2017 of KRW 61.4 trillion ($55.4 billion), an increase of 10.9% from the previous year, the highest in the company’s history.

Full-year 2017 profits of KRW 2.47 trillion ($2.23 billion) – the highest profit since 2009 – increased 85% from 2016 due in large part to strong performance by premium home appliances and TVs.

Fourth-quarter 2017 revenues grew 15% versus 2016 to KRW 16.96 trillion ($15.3 billion), generating strong operating profits of KRW 366.8 billion ($330.9 million), the company said.

The LG Home Appliance & Air Solutions Company reported full-year 2017 revenues of 19.23 trillion ($17.34 billion), a 11% increase from the previous year, reflecting strong demand for premium products such as TWINWash washing machines, InstaView refrigerators and energy-efficient home appliances.

Fourth-quarter 2017 revenues of 4.33 trillion ($3.91 billion) rose 7% from the same period the previous year, with sales in Korea up 27% year-over-year. Quarterly operating income declined to KRW 80.7 billion ($72.8 million) “because of increased marketing expenses 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 trillion ($16.85 billion), a 7% increase from the previous year.

Strong full-year operating profit of KRW 1.57 trillion ($1.41 billion) reflected the continued growth in demand of premium LG OLED and UHD TV products.

Fourth-quarter 2017 sales were up 14% year-over-year to KRW 5.48 trillion ($4.94 billion), thanks to increasing demand for LG premium TVs, the company said. Operating income for the quarter increased 134% from the same period 2016 to KRW 383.5 billion ($345.96 million).

The LG Mobile Communications Company posted full-year sales of KRW 11.67 trillion ($10.52 billion) despite a challenging marketplace and strong competition from Chinese brands.

Fourth-quarter revenues increased to KRW 3.07 trillion ($2.77 billion), while the quarterly operating loss narrowed to KRW 213.2 billion ($192.33 million) due to strong sales of the LG V30 and other premium smartphones and an improved business structure, LG said.

Read: LG Electronics profit jumps on strong TV sales

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LG Electronics posts biggest-ever revenue on strong appliance and TV sales