Home
Tv
Tv News
LG Posts Strong Earnings on the Back of Asia, Latin America Sales

LG Posts Strong Earnings on the Back of Asia, Latin America Sales

By Agence France-Presse | Updated: 27 April 2017 15:53 IST

Highlights

LG's net profit in the January-March period reached KRW 835.7 billion
Operating profit during the period was KRW 921.5 billion
LG attributed the performance to strong sales of home appliances

South Korean appliance giant LG Electronics saw net profits more than quadruple in the first quarter of the year, it said Thursday, on the back of strong sales in Asia and Latin America.

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 last year, the company said in a statement.

The company is South Korea's second-largest electronics firm after Samsung, producing a range of products, from mobile phones to televisions and home appliances including air conditioners, washers and refrigerators.

Operating profit during the period was KRW 921.5 billion (roughly Rs. 5,210 crores), up 82.4 percent.

LG attributed the performance to strong sales of home appliances - especially at home, across Asia and Latin America.

LG Display Books Record Quarterly Profit on Demand for Large TV Panels

Domestic appliance sales jumped 33 percent on-year "driven by the strong performance in TWINWash washing machine, air conditioners, bottom freezer refrigerators" while overseas performance was boosted by "expanding sales of new premium products".

Looking ahead, the firm said it expects "a high-single digit increase in revenue" in the second quarter, led by home appliances.

Domestic demand for air conditioners, refrigerators and other items was entering "peak season", it said.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.