You are here: Home » News-IANS » Business-Economy
Business Standard

LG Electronics posts biggest-ever revenue in 2017

Business Finance

IANS  |  Seoul 

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.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, January 25 2018. 16:46 IST