LG Expects Record Revenue but Earnings Keep Declining
LG Electronics said Wednesday its fourth-quarter operating profit is expected to have increased by more than 30 percent from a year earlier, and the company's annual sales are expected to reach an annual record high of 62.31 trillion won ($53.22 billion), up 1.6 percent from a year earlier.
The operating profit will be around 2.4 trillion won for the whole of last year, a year-over-year decline of 10 percent, according to LG.
In the fourth quarter, the firm predicted to post 16 trillion won and 98.6 billion won in sales and operating profit, respectively, up 1.8 percent and 30.3 percent on-year.
LG Electronics did not disclose earnings by division. However, the firm’s home appliance and television businesses are expected to have performed poorly due to variables such as the off-peak season and increased marketing costs.
Its smartphone business is estimated to have suffered losses for 19 consecutive quarters.