LG Electronics posts biggest-ever revenue in 2017

lG Electronics posts biggest-ever revenue in 2017

Published
Hot News
1 min read
LG logo. (File Photo: IANS)
Seoul, Jan 25 (IANS) 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 61.4 trillion won ($57.9 billion) in 2017, topping 60 trillion won 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) last year, marking the second-biggest in its history.The revenue increased 10.9 per cent compared with the previous year, with the operating profit jumping 84.5 per cent.During the October-December quarter, LG's revenue reached 16.96 trillion won ($15.99 billion), up by 14.8 per cent compared with the same period in the previous year.Operating profit turned into the black with 366.8 billion won ($346 million) in the fourth quarter from a deficit of 35.2 billion won ($33 million) a year earlier.During the December quarter, LG's TV unit posted 5.48 trillion won ($5.17 billion) of revenue. It was up 14.2 per cent from a year ago. The unit's operating profit surged 133.8 per cent to 383.5 billion won ($362 million) in the quarter.The mobile communications division, which makes smartphones, posted an operating loss of 213.2 billion won ($201 million) in the fourth quarter on high marketing costs and higher component prices.--IANSsoni/mr

(This story was auto-published from a syndicated feed. No part of the story has been edited by The Quint.)

(This story was auto-published from a syndicated feed. No part of the story has been edited by The Quint.)

(The Quint is available on Telegram. For handpicked stories every day, subscribe to us on Telegram)

We'll get through this! Meanwhile, here's all you need to know about the Coronavirus outbreak to keep yourself safe, informed, and updated.

Stay Updated

Subscribe To Our Daily Newsletter And Get News Delivered Straight To Your Inbox.

Join over 120,000 subscribers!