LG Electronics Inc. (LG) today announced a 2016 operating profit of KRW 1.34 trillion (USD 1.16 billion), 12.2 percent increase from 2015 due in large part to strong performance by home appliances, air solutions and home entertainment. For full-year 2016, LG reported revenues of KRW 55.37 trillion (USD 47.92 billion) and net income of KRW 126.3 billion (USD 109.31 million).
Fourth-quarter 2016 sales of KRW 14.78 trillion (USD 12.79 billion) were 11.7 percent higher than the previous quarter and 1.5 percent higher than the fourth quarter the previous year. Both the LG Home Appliance & Air Solutions Company and LG Home Entertainment Company posted their strongest operating profit ever in 2016. However, due to losses from mobile communications and vehicle components, LG reported a fourth-quarter net loss of KRW 258.80 billion (USD 223.98 million).
LG Home Appliance & Air Solutions Company reported revenues of KRW 17.23 trillion (USD 14.92 billion) for full-year 2016 and KRW 4.04 trillion (USD 3.50 billion) in the fourth quarter. This was an increase of 5.6 percent year-over-year, driven in large part by strong sales in the Korean and North American markets where products such as TWINWash washing machines and Door-in-Door refrigerators continued to be popular. Operating income of KRW 1.33 trillion (USD 1.15 billion) in 2016 increased 36 percent over 2015 and was the highest among all LG companies.