LG revenues reach KRW 14.7 trillion in Q1, sales drop 1.2% year-on-year

News Wireless Global 7 APR 2020
LG revenues reach KRW 14.7 trillion in Q1, sales drop 1.2% year-on-year

LG Electronics posted tentative consolidated revenues of KRW 14.7 trillion for the first quarter of this year, with an operating profit of KRW 1.1 trillion. Sales are expected to be 1.2 percent lower compared to the first quarter of 2019, with operating income increasing 21.1 percent year-on-year. LG plans to release financial details related to each of its divisions later this month. 

For the fourth quarter of 2019, LG Electronics posted a revenue increase of 1.8 percent from the year before to KRW 16.06 trillion. Its operating revenue jumped 34.5 percent higher to KRW 101.8 billion. The mobile phone business continued down, with revenues for the fourth quarter of 2019 falling to KRW 1.32 trillion from 1.70 trillion the year before, hit by slow sales of mass-tier smartphones in overseas markets. LG said recovery here will hinge on the introduction of new mid to premium 5G smartphones and continued cost-cutting efforts. 

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