LG Electronics Touts Record 2020 Sales, Profits

LG Electronics Jan. 29 announced record 2020 revenue of KRW 63.26 trillion ($56.45 billion) and record operating profit of KRW 3.20 trillion ($2.85 billion), an increase of 31.1% over 2019, and driven primarily by higher sales of OLED TVs and home appliances, among other products.

Sales in the fourth quarter (ended Dec. 31) of KRW 18.78 trillion ($16.76 billion) grew 16.9% from the same period of 2019 and were 11% higher than the previous quarter. Despite the impact of COVID-19, the quarter’s operating profit of KRW 650.20 billion ($580.19 million) increased significantly by 539% compared with the fourth quarter of 2019.

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While COVID-19 and slow economic recovery remain concerns for 2021, LG said it expects the global economy to normalize under the successful implementation of vaccinations.

LG Home Entertainment reported 2020 revenue of KRW 13.18 trillion ($11.76 billion) and operating profit of KRW 969.70 billion ($865.29 million), a 22.9% increase over the previous year. Sales in the quarter of KRW 4.28 trillion ($3.82 billion) were 7.9% higher than the fourth quarter of 2019 and up 16.7% from the previous quarter. Quarterly operating profit of KRW 204.50 billion ($182.48 million) reflected increased sales in North America and Europe.

 

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