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LG Elec Q4 OP down 29% on qtr, but ends ’17 in near record-high profit

2018.01.09 13:06:20 | 2018.01.09 15:58:35
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LG Electronics Inc. managed to end 2017 lucratively with second best-ever profit and record sales as its high-end TV and home appliance businesses offset losses from smartphone division, preliminary data showed.

The South Korean electronics company in a disclosure on Monday estimated to have raked in 366.8 billion won ($343.4 million) in operating profit in the final quarter, down 29 percent from its best three-month record of 516 billion won in the previous quarter but reversing from 35.2 billion won loss a year ago.

Sales rose 11.5 percent on quarter and 14.8 percent on year to 16.97 trillion won.

Shares of LG Electronics jumped 3.81 percent to finish at 109,000 won in Seoul trading on Tuesday.

For full 2017, operating profit nearly doubled to 2.5 trillion won from 1.3 trillion won. Its best performance had been 2.68 trillion won in 2009.

Sales surged 10.9 percent to a record high of 61.4 trillion won. It is the first time that its full-year sales exceeded 60 trillion won.

The company will release detailed and final earnings later this month.

The company is projected to have benefited from year-end seasonal demand for high-end TVs and home appliances.

By Lee Dong-in and Cho Jeehyun

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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