LG Electronics Posts KRW 62 Trillion in Sales Last Year... Home Appliance Division Expected to Surpass KRW 20 Trillion in Annual Revenue

[Asia Economy Reporter Ki-min Lee] LG Electronics' annual sales in the Home Appliance & Air Solution (H&A) division are expected to exceed 20 trillion KRW for the first time in history in 2019.

LG Electronics announced on the 8th that its provisional annual sales for last year were 62.306 trillion KRW, a 1.6% increase compared to the previous year. Among this, LG Electronics' H&A division recorded sales of 16.8992 trillion KRW in the first three quarters of last year (5.4659 trillion KRW in Q1, 6.1028 trillion KRW in Q2, and 5.3307 trillion KRW in Q3), indicating that annual sales are likely to reach 20 trillion KRW.

This increase in sales is attributed to growing demand for new home appliances such as dryers, stylers, and air purifiers, rather than traditional appliances like refrigerators and washing machines. An industry insider stated, "Considering the continued strong sales of new home appliances, the H&A division's annual sales are expected to exceed 20 trillion KRW."

Meanwhile, operating profit in the fourth quarter was 98.6 billion KRW, showing improvement compared to the previous year but falling significantly short of the financial investment sector's forecast of around 280 billion KRW. This is analyzed to be due to increased marketing expenses from the launch of the dual-screen phone in the Mobile Communications (MC) division in global markets such as North America, Japan, and India in the fourth quarter, and decreased profitability in the Home Entertainment (HE) division due to intensified competition caused by the decline in LCD panel prices for TVs.

This content was produced with the assistance of AI translation services.