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LG Electronics Posts Record Revenue For Fiscal 2017

Majaps, premium TVs drive demand

LG announced record full-year revenues for 2017, an almost 11 percent increase to $55.4 billion.

2017 profits of $2.23 billion is the highest since 2009 and represent an 85 percent jump from the previous, mostly on the strength of premium major appliances and high-end TVs, the company said.

Fourth-quarter 2017 revenues grew 15 percent year-over-year with operating profits of $330.9 million.

The company’s appliance unit reported fiscal year revenues of $17.34 billion, an 11 percent increase from the previous year, and Q4 revenues of $3.91 billion, up 7 percent.

LG’s home A/V business saw 7 percent revenue growth for the year and a solid full-year profit of $1.41 billion driven by strong demand for OLED and Ultra HD TVs.

The LG Home Entertainment Company reported full-year revenues of KRW 18.67 trillion ($16.85 billion), a 7 percent increase from the previous year.

Strong full-year operating profit of KRW 1.57 trillion ($1.41 billion) reflected the continued growth in demand of premium LG OLED and UHD TV products.

The company even turned in strong sales in its mobile unit, despite an ultra-competitive market, narrowing its Q4 losses to less than $200 million, thanks to demand for its flagship V30 smartphone and some structural efficiencies implemented over the course of the year, the company said.