LG Electronics Inc.is comprised of four companies; LG Home Entertainment Company, LG Mobile Communications Company, LG Home Appliance & Air Solution Company, and LG Vehicles Components Company.
Advertisement
Sales across all businesses in the three month period grew quarterly by 3.8 per cent to KRW14.56 trillion (£8.84 billion). The figure was down 4.7 percent from a year ago.
A statement from the manufacturer said: “The smartphone marketplace is expected to be increasingly competitive in 2016 due to anticipated premium models from competitors and further price competition within the mass tier space”. TV and Household Appliances Departments also had made positive performance while Mobile Department was able to reduce gap of loss.
Operating profit of KRW 214.8 billion (USD 185.49 million) for the quarter and KRW 981.7 billion (USD 847.75 million) for the year contributed to a strong finish for the year.
It marked the first time for the quarterly sales of LTE-powered smartphones to hover above the 10-million mark. Its plan is to lead markets by releasing 2 premium models and an economic model every year.
The auto parts business’ revenue increased 9 percent from the previous quarter. The net loss narrowed compared to KRW 206 billion a year earlier. If it starts supplying 11 types of major vehicle components for GM’s electric vehicle called “VoLT” at the end of this year, it can discover a new source of profit in electric vehicle industry following vehicle infotainment.
Advertisement
Although LG Electronics’ profit for the October to December period in 2015 came in at $301.38 million, a 27 percent increase compared to the same trimester in 2014, the company’s full-year income was $1.03 billion, nearly 35 percent less than in 2014.
