LG Electronics said revenues for the fourth quarter rose 1.8 percent from the year before to KRW 16.06 trillion, as expected, and that its operating jumped 34.5 percent higher to KRW 101.8 billion. The mobile phone business continued down, with revenues for Q4 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.
For the full year, revenues hit a record KRW 62.3 trillion, boosted by strong demand for premium home appliances. The operating profit however went 10 percent lower due to increased investments in marketing and future technologies.
For the quarter, revenues were unchanged at the LG Home Entertainment Company, with profit affected by higher marketing costs. Revenues also slid at the LG Vehicle Component Solutions Company on the back of slower auto sales. At The LG Business Solutions Company, revenues went higher, helped by strong demand for premium digital displays and solar modules.
