LG's 2019 profit saved by home appliance business
LG Electronics posted around 2.4 trillion won, or $2 billion, in operating profit for the full year of 2019, a drop of 10% from the year prior, the company said in its fiscal report.
Its mobile business continued to be in the red throughout the year, amounting to a total of 1 trillion won, or $858 million, in operating loss for the year.
This was offset by its home appliance counterpart, which performed strongly with an annual profit of 2 trillion won, or $1.7 billion.
For the fourth quarter, LG posted operating profit of 102 billion won, or $87 million, a rise of 35% compared to a year ago.
However, the company reported a net loss of 850 billion won for the quarter, due to equity accounted losses from LG Display which is reflected in the fiscal report. LG Electronics holds a 38% stake in the LG Display business.
LG Electronics' home appliance business contributed 122 billion won in operating profit for the quarter, while its TV business secured 110 billion won, its lowest quarterly performance of 2019. This was due to marketing costs being exacerbated by the holiday season, the company said.
Its mobile business, meanwhile, saw a loss of 332 billion won for the quarter, despite restructuring efforts that reduced losses in the previous quarter.
Related Coverage
LG V50 ThinQ 5G review: A dual-display 5G flagship
LG's V50 ThinQ 5G is a 5G smartphone with a difference: it comes with a hinged cover that incorporates a second screen. If this doesn't appeal, you'll probably want to look elsewhere.
LG's new TV panel: You can roll it down from the ceiling
Ahead of this year's CES, the South Korean manufacturer unveils a fresh take on its range of rollable displays.
LG hones focus on AI car platforms with Cerence and Luxoft
While LG continues to grow in the automotive sector, it's also eyeing expansion plans in the commercial space.
CES 2020: LG CEO says mobile business will turnaround in 2021
Its OLED TV that can roll upwards will also be launched no later than the third quarter of 2020, LG Electronics CEO says.
Flying in style: You could be watching a 65-inch OLED TV on your next flight thanks to LG Display (TechRepublic)
At CES 2020, LG Display showed TechRepublic several use cases for its latest OLED displays in the retail, automotive, and airline industries.