South Korean manufacturing giant, LG, recently released its complete 2017 financial results. LG recorded revenue of KRW61.4 trillion ($55.4 billion) which represents close to 11% more than 2016 income. The company also recorded a massive profit to the tune of KRW2.47 trillion ($2.24 billion) which even surpasses last year’s earnings. However, its Mobile division is still struggling to make a meaningful impact in the market. It recorded a loss to KRW213.2 billion ($192.33 million) from KRW375.3 billion ($331.37 million) within three months.
LG Mobile had a good holiday season especially with the performance of the V30 and other premium smartphones. But this was not enough to bail its Mobile unit out of its current woes. According to LG, the current losses are as a result of an improved business structure. Recall that the company appointed a new mobile chief a few months ago. Most of LG’s revenue came from the high demand for its OLED and UHD TV products. Other products that also performed well are LG’s TWINWash washing machines and InstaView refrigerators.