South Korea-based LG Electronics predicted its operating profit for 2017 will be up almost 85 per cent year-on-year, as preliminary figures for Q4 showed it overturned a loss in the comparable 2016 quarter.
The company expects to book operating profit of KRW366.8 billion ($343 million) for the recent quarter, compared with a loss of KRW35.2 billion in Q4 2016, on consolidated revenue of KRW17 trillion, which was up 14.8 per cent year-on-year.
In a brief statement, LG said full year operating profit is expected to hit KRW2.5 trillion, an 84.5 per cent year-on-year increase. The sum would rate as the company’s second-largest operating profit ever, Yonhap News Agency said: in 2009 it earned KRW2.6 trillion.
Full year consolidated revenue is tipped to grow 10.9 per cent year-on-year to KRW61.4 trillion. The company reported an operating profit of KRW1.34 trillion in 2016 on revenue of KRW55.4 trillion.
LG did not provide a breakdown of its individual business units in the preliminary announcement, but statements covering the opening three quarters of 2017 showed continued losses at its mobile business.
The company is due to reveal more complete financial details for Q4 2017, including net profit and details covering its divisions, later this month.