S.Korea’s LG Electronics posts biggest-ever revenue in 2017

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

Revenue reached record high of 61.4 trillion won (57.9 billion U.S. dollars) in 2017, topping 60 trillion won for the first time in the company’s 60-year history.
Operating profit was 2.47 trillion won (2.33 billion U.S. dollars) 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 16.96 trillion won (15.99 billion U.S. dollars), up 14.8 percent compared with the same period in the previous year.

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

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

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

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