LG Electronics has reported consolidated sales of KRW 15.43 trillion (€12.06 billion) and operating profit of KRW 748.8 billion for the third quarter of 2018. Revenues were the highest among the three quarters this year, increasing 2.7 per cent from the second quarter with operating income up 45 per cent from the same period the previous year while the mobile business narrowed its losses significantly.
The LG Home Entertainment Company generated Q3 operating profit of KRW 325.1 billion on sales of KRW 3.71 trillion. 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. 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.