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Biz News Korea(Eng)
LG Elec Q1 OP up 82% on year at $813 mn, second best-ever
- Collected
- 2017.04.08
- Distributed
- 2017.04.10
- Source
- Go Direct
이미지 확대The company releasing earnings guidance in a disclosure statement said sales are estimated to have grown 9.7 percent to 14.7 trillion won.
The first-quarter profit is the company’s second biggest quarterly earnings and a dramatic turn from a loss of 35.3 billion won in the previous quarter.
The company also beat market consensus of a profit around 587.3 billion won on sales of 14.4 trillion won. Shares of LG Electronics closed Friday 0.4 percent up at 70,900 won.
The traditionally strong player in home appliances benefited from going decisively high-end, cementing TV leadership in the premium segment. Money-losing smartphone division also is estimated to have done better amid expectations for highly innovative G6 flagship.
LG recently launched its brand for ultra-premium household electronics ‘LG Signature’ and built-in brand ‘Signature Kitchen Suite.’ Ingenious products such as twin-wash washing machines and "Magic Space" refrigerator created a splash.
LG has further expanded its presence in the TV market with its two premium TV lineups including its organic light-emitting diode (OLED) TVs and SUPER UHD TVs with Nano Cell display. Contribution from expensive OLED TVs is expected to top 15 percent share in TV sales this year.
Its mobile communications (MC) division which had been losing money since 2015 would have done better given preorder levels for G6.
By Lee Dong-in
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