Record sales of home appliances last year helped LG achieve its highest annual revenue in history.
What you need to know
- LG's smartphone business recorded revenues of KRW 1.32 trillion ($1.12 billion) in Q4 2019, mainly due to lower sales of the company's mass-tier products.
- The smartphone division posted a full-year operating loss of KRW 1.01 trillion ($858.34 million).
- LG Electronics registered revenues of KRW 16.06 trillion ($13.65 billion) in the fourth quarter of 2019, 1.8% higher than the same period in 2018.
LG today announced its financial results for the fourth quarter of 2019. Thanks to robust demand for premium home appliances such as LG Signature, the company posted record-breaking revenues of KRW 62.3 trillion ($53 billion) in 2019. Its full-year operating profit, however, came in at KRW 2.44 trillion ($2.07 billion), 10% lower than 2018.
The company's fourth quarter revenue of KRW 16.06 trillion ($13.56 billion) was 1.8 percent higher than the same period in 2018 and also 2.3% higher compared to the previous quarter. Quarterly operating income, on the other hand, was 34.5% higher than Q4 2018 at KRW 101.8 billion ($86.5 million).
Unsurprisingly, LG's smartphone division didn't fare too well in the fourth quarter of last year. LG Mobile Communications recorded revenues of KRW 1.32 trillion ($1.12 billion) during the October to December period, a decline compared to the same period a year earlier. The mobile division posted a full-year operating loss of KRW 1.01 trillion ($858.34 million), apparently due to higher marketing expenses for flagship devices. Despite the fact that its mobile business isn't doing well, LG isn't ready to give up on smartphones just yet. In 2020, the company plans to continue its cost-efficiency efforts and introduce new mid to premium 5G phones to boost sales.
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