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

 
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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.

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