LG Electronics announces 9.7% jump in first-quarter revenue
Apr 29, 2017, 21:25
LG almost doubled its operating income to 921.5 billion won, with the LG Home Appliance & Air Solution Company (H&A) posting its highest quarterly operating income in eight years. LG Electronics' sales also reached record first-quarter high of 14.7 trillion won, up 10 percent from a year ago.
The home appliances-making division posted 520.8 billion won of operating profit on revenue of 4.64 trillion won, leading the company's overall earnings.
The firm's net profit in the January-March period reached KRW 835.7 billion ($739.4 million or roughly Rs. 4,725 crores), up 322 percent from KRW 198.1 billion in the same period past year, the company said in a statement.
The mobile division posted 3.01 trillion won in sales, up 2 percent from a year earlier, driven by the launch of the premium G6 smartphone and new mass-tier model, the company said.
LG Electronics announces 9.7% jump in first-quarter revenue
The firm's mobile division reported a 200 million won operating loss for the quarter, its eighth-straight quarter in the red, with the G6 only having begun selling in March. After stumbling a year ago with the modularity of the G5, LG expects mobile losses to narrow down in the coming quarters as sales of its G6 smartphone, which began in March, pick up alongside a demand for mass-tier models.
Operating profit during the period was KRW 921.5 billion (roughly Rs. 5,210 crores), up 82.4 percent.
LG's vehicle components division, a new growth engine, reported a 14.5 billion won operating loss, despite a 48 percent increase in sales due to supply transactions with General Motors on the Bolt electric vehicle. The unit logged an operating margin of 8.8 percent, higher than any first-quarter figure recorded by LG. The company explained that higher panel costs were offset by growing demand for larger-sized premium televisions, particularly in North America, Latin America, and Asia.
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Following the completion of the sale, the chairman now owns 619,456 shares in the company, valued at approximately $35,463,856. Floating stock is calculated by subtracting closely-held shares and restricted stock from a firm's total outstanding shares.
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