- The LG home appliance and air solution company, reported full-year 2019 revenues of $ 18.29 billion
- The LG mobile communications company recorded 2019 revenues of KRW 5.97 trillion $ 5.07 billion
LG Electronics Inc. (LG) has announced revenues of KRW 62.3 trillion ($ 53.0 billion) in 2019. The full-year operating profits of KRW 2.44 trillion ($ 2.07 billion) were strong again in 2019 although 10 per cent lower than 2018. LG said that these were due to increased investments in marketing and future technologies.
“Fourth-quarter 2019 revenues of KRW 16.06 trillion (USD 13.65 billion) were 1.8 percent higher than the same period in 2018 and 2.3 percent higher than the previous quarter while quarterly operating income of KRW 101.8 billion (USD 86.5 million) was a sound 34.5 percent higher than the final quarter of 2018,” read LG’s official statement.
LG home appliance and air solution company
The LG home appliance and air solution company, reported full-year 2019 revenues of KRW 21.52 trillion ($ 18.29 billion), an 11 per cent increase from the previous year, and operating profit of KRW 2 trillion (USD 1.7 billion), its highest in history.
“Quarterly sales of KRW 4.62 trillion ($ 3.92 billion) – the highest fourth quarter in the company’s history – were nearly 7 percent above the same period the previous year due to healthy demand in North America and Europe while operating income of KRW 122.2 billion (103.86 million) increased 8.5 percent from the same period 2018,” read LG’s official statement.
LG home entertainment company
The LG home entertainment company reported full-year revenues of KRW 16.15 trillion (USD 13.73 billion), relatively unchanged from 2018 while operating income of KRW 980 billion (USD 833 million) declined from the previous year. Fourth-quarter 2019 sales of KRW 4.59 trillion ($ 3.90 billion) remained unchanged from the same period of 2018 and 18.7 percent higher than the previous quarter, resulting in an operating income of KRW 110 billion ($ 93.5 million) due in large part to increased marketing costs.
LG mobile communications company
The LG mobile communications company recorded 2019 revenues of KRW 5.97 trillion ($ 5.07 billion). Fourth-quarter sales of KRW 1.32 trillion ($ 1.12 billion) declined from the same period a year earlier due to sluggish sales of mass-tier smartphones in overseas markets.
“A full-year operating loss of totaled KRW 1.01 trillion ($ 858.34 million) reflected increased marketing expenses to support flagship devices. LG’s 2020 mobile business improvement strategy hinges on the introduction of new mid to premium 5G smartphones and continued cost-efficiency efforts,” read LG’s official statement.
LG vehicle component solutions company
The LG vehicle component solutions company reported solid full-year 2019 revenues of KRW 5.47 trillion ($ 4.65 billion), a 27 per cent increase from 2018 and the highest annual sales in the company’s history. Quarterly revenues of KRW 1.36 trillion ($ 1.15 billion) were three per cent lower than the fourth quarter of 2018 as a result of slower auto sales.
“Despite a 2019 operating loss of KRW 194.9 billion ($ 165.6 million), the company expects to benefit from additional cost competitiveness and enhanced profitability as the electronic vehicle market continues to expand in 2020 in response to stronger European environmental regulations,” read LG’s official statement.
It continued, “The LG business solutions company recorded 2019 revenues of KRW 2.67 trillion ($ 2.27 billion) with an operating income of KRW 246.8 billion ($ 209.8 million). Fourth-quarter revenues of KRW 672.8 billion ($ 571.8 million) were 13 per cent higher than the same period 2018 while quarterly operating profit of KRW 66.4 billion ($ 56.4 million) remained healthy as a result of strong demand for premium digital displays and solar modules.