LG Q1 2017 revenue up 9.7 percent from a year earlier
LG was ecstatic to tell the world earlier this month that its Q1 2017 results would be a positive turnaround for the company. Now that the numbers have been finalized and made publicly available for investors, we can now break down how well the South Korean manufacturer is performing for each of its branches.
LG is reporting a revenue of 11.66 trillion Won (KRW) or the equivalent of 11.85 billion Euros for the first quarter of 2017. This is up 9.7 percent when the company recorded 13.36 trillion Won in Q1 2016. Perhaps more importantly, operating profits have almost doubled YoY from 505.2 billion KRW to 921.5 billion KRW and net profit is subsequently up at 835.7 billion KRW.
The LG Home Appliance and Air Solution arm that specializes in home refrigeration, air conditioning, and washing machines experienced a revenue growth of about 10 percent to 4.64 trillion KRW. Meanwhile, the LG Home Entertainment arm is up 8.8 percent for a total revenue of 4.33 trillion KRW.
LG's Mobile Communications branch responsible for smartphones saw a slight increase in revenue from 2.96 trillion KRW in Q1 2016 to 3.01 trillion in Q1 2017. The recently released G6 is expected to be a boon for the next financial quarter as LG successfully shipped around 14.8 million G6 units during the first quarter this year.