LG reports record-breaking fourth-quarter profits for 2020
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LG is often perceived to be struggling as a corporation, possibly due to the level of success seen by its erstwhile G series of flagship phones worldwide, not to mention the fact that its Display division had not posted a profit for nearly 2 years up until 3Q2020. Nevertheless, it has announced revenues adding up to 63.3 trillion Korean won (KRW, or ~US$57.9 billion) for the whole of 2020.
The OEM also now projects that it will have full-year operating profits of 3.2 trillion KRW, or about $2.9 billion, which is a record high for the company and also an increase of 31% year-on-year (YoY). It also now claims to have 4Q2020 operating profits of 647 billion KRW (~$592 million), a growth of 536% quarter-on-quarter (QoQ).
This is also a 4Q record for the company, as are its newly-reported fourth-quarter revenues (18.8 trillion KRW, or ~$17.2 billion). Then again, it has also noted that these are preliminary figures, released now for the benefit of its investors, ahead of its 2020 and 4Q2020 financial reports in full.