LG Electronics posts highest Quarterly profit in 9 years


LG G7 ThinQ

South Korea’s Electronics giant – LG has posted its Q1 2018 results, which show the highest Q1 profit ever and the highest quarterly profit since the summer of 2009. The Q1 2018 results reports indicate a 20 percent sales rise as against Q1 2017 resulting to a consolidated sales of KRW15.12 trillion ($14.1 billion) and operating profit of KRW1.11 trillion ($1.03 billion).

While things appear rosy for the wider company thanks to a 76.5 percent rise in profit to a quarterly record of 577 billion won, with an operating margin of 14 percent, led by sales of high-end television sets, including those with organic light-emitting diode (OLED) screens, the mobile division on the other hand continue to bleed as the arm recorded 2.16 trillion won ($2.01 billion) in sales, and a reduced 136 billion won loss, its fourth quarterly loss and smaller than 213 billion won loss recorded in the last quarter of 2017 .

LG says its mobile division shipped just about 11.4 million phones during the quarter under review hinging the decline on its revised smartphone launch strategy. The company, however, said it managed to cut down losses from its mobile division by strategically “improving cost structure through quality costs and modular design activities”. For the next quarter, the company anticipates a strong completion from Chinese companies, but however, predict an increase in sales figures primarily from the upcoming LG G7 ThinQ which is expected to debut in about a week from today.

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