LG has announced its third quarter financial results for 2018, the company has consolidated sales of $13.76 billion ( KRW 15.43 trillion) and an operating profit of $667.7 million.
LG’s mobile division made a loss of $130.5 million, although it saw strong sales in other areas including their TV range and more.
The LG Home Entertainment Company generated third-quarter operating profit of KRW 325.1 billion (USD 289.9 million) on sales of KRW 3.71 trillion (USD 3.31 billion). Even with demand for TV products in developing markets slowing, sales of premium OLED and UHD TVs remained strong. As the year comes to a close, the company plans to increase its focus on premium TV models in key markets to maintain profitability despite the sluggish overall TV market.
The LG Mobile Communications Company recorded sales of KRW 2.04 trillion (USD 1.82 billion) and operating loss of KRW 146.3 billion (USD 130.5 million). Despite the weakening demand for smartphones worldwide and increased competition, the company significantly reduced its operating deficit as a direct result of its business plan and its stronger focus on mid-range products. The rollout of its high-end V40 ThinQ smartphone is expected to boost sales in the fourth quarter. With its business improvement strategy proceeding as planned, the company continues to consolidate and implement a more profitable foundation.
You can find out more details about LG’s latest financial results over at their website at the link below.
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