LG Electronics posts biggest-ever revenue in 2017

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.

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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.