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LG’s 2017 financial results record highest revenues in company history

BUSINESS

LG’s 2017 financial results record highest revenues in company history


LG Electronics has recorded a 10.9 percent revenue increase from the previous year 2016 to stand at USD 55.4 billion. The revenue is the highest full-year revenues in the company’s history

The company also recorded USD 2.23billion in profit, the highest profits since 2009 – an 85 percent increase from 2016 due in large part to strong performance by premium home appliances and TVs. Fourth-quarter 2017 revenues from the company grew 15 percent versus 2016 to USD 15.3 billion, generating strong operating profits of USD 330.9million.

The LG Home Appliance & Air Solutions Company reported full-year 2017 revenues of USD 17.34 billion, a 11 percent 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 USD 3.91billion 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 USD 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 USD 16.85billion, a 7 percent increase from the previous year. Strong full-year operating profit of USD 1.41billion 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 USD 4.94billion, thanks to increasing demand for LG premium TVs. Operating income for the quarter increased 134 percent from the same period 2016 to USD 345.96million.

The LG Mobile Communications Company posted full-year sales of USD 10.52billion despite a challenging marketplace and strong competition from Chinese brands. Fourth-quarter revenues increased to USD 2.77 billion, while the quarterly operating loss narrowed to USD 192.33 million due to strong sales of the LG V30 and other premium smartphones and an improved business structure.

The LG Vehicle Components Company posted solid full-year sales of USD 3.15billion, an increase of nearly 26 percent from the previous year, and quarterly sales of USD 772.8 million, down slightly from the same period 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 business. Growth of the global electric vehicle market is expected to generate additional demand for components in 2018.

The quarterly earnings results are based on IFRS (International Financial Reporting Standards) for the three-month period ending December 31, 2017.

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