Quantcast
Jump to content


LG RELEASES PRELIMINARY EARNINGS FOR FOURTH-QUARTER 2020


Recommended Posts

A picture of LG Twin Towers at night

SEOUL, Jan. 8, 2021 — LG Electronics Inc. (LG) today announced its preliminary earnings results for the fourth quarter and full-year of 2020.

LG reported revenues of KRW 18.8 trillion in the fourth quarter of 2020 with an operating profit of KRW 647 billion, 536 percent higher than the same quarter the previous year. Both sales and operating profit are the highest ever reported for a fourth quarter in LG’s history.

Record full-year sales of KRW 63.3 trillion marked the fourth consecutive year in which revenues exceeded KRW 60 trillion. Operating profit for the year is expected to be KRW 3.2 trillion, setting another LG record, an increase of 31 percent over 2019.

These figures are the tentative consolidated earnings based on K-IFRS provided as a service to investors prior to LG Electronics’ final earnings results including net profit. Details regarding each division which will be announced officially later this month.

# # #

link hidden, please login to view

Link to post
Share on other sites


  • Replies 0
  • Created
  • Last Reply

Top Posters In This Topic

Popular Days

Top Posters In This Topic

Popular Days

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Similar Topics

    • By News Reporter
      Highest Quarterly Sales Ever As Mobile Division Officially Winds Down

      SEOUL, July 29, 2021 — LG Electronics Inc. (LG) announced its highest quarterly revenues ever as the company continued to expand its market share for premium home appliances and consumer electronics outside of South Korea. Worldwide consolidated revenues of KRW 17.11 trillion (USD 15.26 billion) rose 48.4 percent from the second quarter a year ago. Second-quarter 2021 operating profit increased 65.5 percent from last year to KRW 1.11 trillion (USD 992.08 million). Results for the LG Mobile Communications Company, which officially winds down at the end of July, are considered discontinued operations and are no longer included in quarterly earnings reports.
      The LG Home Appliance & Air Solution Company reported revenues in the second-quarter of KRW 6.81 trillion (USD 6.08 billion), a healthy increase of 32.1 percent from the second quarter a year ago. Operating profit grew 6.8 percent from last year’s second quarter to KRW 653.60 billion (USD 582.75 million), mainly driven by stronger sales in markets outside of South Korea and improved resource management, although costs are expected to increase as raw materials become scarcer while the pandemic-impacted world begins to return to normal. Product competitiveness and operational efficiencies are expected to help LG maintain sales and profit momentum for major appliances in key markets.
      The LG Home Entertainment Company grew its revenues to KRW 4.04 trillion (USD 3.60 billion) in the second quarter, a substantial 79.1 percent increase compared to the same period last year. Operating profit soared to KRW 333.50 billion (USD 297.35 million), an increase of 216.4 percent year-on-year thanks to the growing popularity of premium OLED TV products and the recovery of the global TV market, which was negatively affected last year due to retail store shutdowns. With the price of TV panels continuing to rise, LG’s Home Entertainment strategy will center on growing the premium TV segment and nimble inventory management.
      The LG Vehicle component Solutions Company achieved second-quarter sales of KRW 1.88 trillion (USD 1.68 billion), a significant increase of 106.5 percent from the same period of 2020 as a result of the recovering automotive sector and increase in demand for electric vehicle (xEV) parts. The company experienced an operating loss of KRW 103.20 billion (USD 92.01 million) as the price of automotive semiconductors increased dramatically during the quarter. Leveraging its expertise in advanced electric vehicle components, LG’s previously announced joint venture with Magna International, a new company called LG Magna e-Powertrain, was officially launched this week.
      The LG Business Solutions Company recorded second-quarter revenues of KRW 1.69 trillion (USD 1.50 billion), a solid increase of 28.9 percent from a year ago largely driven by continued strong demand for PCs, monitors and gradual recovery of digital signage and hotel TVs. However, operating profit declined to KRW 61.70 billion (USD 55.01 million) because of higher price of key components such as LCD panels and solar wafers. Second-half plans for profitable growth hinge on continued B2B market recovery, coupled with stabilizing supply of major components and actively reducing costs.
      2021 2Q Exchange Rates Explained
      LG Electronics’ unaudited quarterly earnings results are based on IFRS (International Financial Reporting Standards) for the three-month period ending June 30, 2021. Amounts in Korean won (KRW) are translated into U.S. dollars (USD) at the average rate of the three-month period of the corresponding quarter — KRW 1,121.58 per USD.
      Earnings Conference and Conference Call
      LG Electronics will hold a Korean / English conference call on July 29, 2021 at 16:00 Korea Standard Time (07:00 GMT/UTC). Conference call participants are instructed to pre-register online to receive a private PIN, dial +82 31 810 3130, enter passcode 6418# and then the PIN. The corresponding presentation file will be available for download at the LG Electronics  before the call.
      # # #

      link hidden, please login to view
    • By fillysun
      Summer Day is coming!! Currently DRmare Software is holding a party to give free gift to all users. Just join and get a free and cool summer gift there. By the way, you can get larger discount in DRmare to buy the tool you want. For more details, please visit: 
      link hidden, please login to view
    • By News Reporter
      Commitment Expands Upon Promise of Zero Carbon by 2030

      SEOUL, July 21, 2021 — LG Electronics (LG) today made public its commitment to transition completely to renewable energy by 2050 as a key component of its sustainability strategy. The announcement in the just released comes on top of its to achieve carbon neutrality by 2030 through the Zero Carbon 2030 initiative in which LG pledged to reduce carbon emissions in the production stage to 50 percent of 2017 standards by 2030.
      The transformation will be implemented region by region starting in North America where every office and manufacturing site will be powered by renewable energy within the year. LG manufacturing facilities outside of Korea are on target to convert 50 percent of their electricity needs to renewable energy in the next four years.
      Achieving this objective globally will require a diverse strategy, including installing high-efficiency LG solar panels on its buildings, utilizing power purchase agreements that allow companies to purchase electricity directly from suppliers, utilizing Renewable Energy Credit (REC) certificates and participating in the Green Premium program in Korea, LG’s home market to purchase clean energy directly from the Korea Electric Power Corporation (KEPCO).
      Currently LG is installing solar modules with a capacity of 3.2 MW on a manufacturing site in Noida, India, generating electricity to power LG’s administrative office as well. This project will be expanded as a part of the Clean Development Mechanism (CDM), allowing LG to secure carbon reduction certificates from the United Nations Framework Convention on Climate Change (UNFCCC).*
      “Our commitment to creating a better life for all can best be actualized by LG transition to renewable energy and achieving carbon neutrality,” said Park Pyung-gu, senior vice president at LG Electronics Safety & Environment Division. “In today’s world, innovation doesn’t just happen in the lab, they must also happen in our factories and plants. Today’s manufacturers have a once-in-a-lifetime opportunity to give the next generation a world worth inheriting and at LG, we take this responsibility very seriously.”
      # # #
      * CDM project allows companies to earn certified emission reduction (CER) credits when investing projects in developing countries. CER can be traded, sold and used to meet a part of the emission reduction targets under the Kyoto Protocol.
       

      link hidden, please login to view
    • By Katelyn Jones
      I have apps appearing but there is no LG app content store app appearing.  I cant find instructions on why it isnt there automatically or how to find it.
       
       
       
    • By News Reporter
      Delivering Efficient, Responsive Cloud-based Customer Service
      Solution With the Help of Amazon Connect and Genesys Cloud

      SEOUL, July 8, 2021 — LG Electronics (LG) announced the opening of its new Cloud Call Center in the United States, elevating the company’s rapid digital transformation while further improving the quality and efficiency of its customer service. Following North America, LG plans to open Cloud Call Centers in a dozen additional countries including Australia, Brazil, Canada, France, Italy and Vietnam this year and in its home market of South Korea in early 2022.
      Implementation of the cloud-based system will create a better customer experience and more positive outcome. The system allows LG’s customer service representatives to work collaboratively and effectively from different locations, eliminating the need to be in the same physical space, reducing the likelihood of a quarantine situation. And with new speech to text (STT) capability that quickly and accurately converts voice calls into written text, customer service representatives can easily and quickly research and respond to reoccurring issues and repeat questions.
      If there is a backlog due to a high call volume, the Cloud Call Center suggests an alternative faster option, such as “talking” to a chatbot on LG’s customer service site or another social media platform. An accurate estimate of the wait time will be available in the near future. The system is powered by either Amazon Connect or Genesys Cloud.
      “LG’s new Cloud Call Center actively upgrades and refines our service delivery and helps us to ensure the best possible customer outcomes,” said Yoo Kyu-moon, executive director of the Customer Service Management Center at LG Electronics. “With more helpful options to choose from, LG customers can receive the support they need in the way they prefer to receive it.”
      # # #

      link hidden, please login to view







×
×
  • Create New...