LG Electronics Inc. announced that it had record sales of 20.2 trillion won (approx. U.S. $17.2 billion) last year, up 18 percent from a year earlier.
The South Korean appliance maker said it had a record operating profit of 1.06 trillion won, up 3.3 percent from the previous year. In addition, its net profit increased 33.2 percent year-on-year to 662.8 billion won, overcoming a slump in domestic demand with expanded exports, the company said.
The firm's digital display and media division increased sales by 10 percent year-on-year to 6.89 trillion won, thanks to brisk sales of digital and plasma display panel (PDP) televisions and optical storage devices, it said.
Led by exports of mobile phones to North America, Europe, and India, the company's information technology division expanded sales by 36.8 percent from the previous year to 7.46 trillion won.
Notably, cell phone sales increased 47.4 percent to 5.18 trillion won, the fourth consecutive year of climbing by more than 45 percent.
The company said sales of electronic appliances rose 8.8 percent year-on-year to 5.65 trillion won due to a popularity of its premium products like the Trom laundry machine.
In the last 4 months of 2003, LG Electronics had a quarterly high of 5.42 trillion won in sales, up 10.2 percent from the previous quarter and 29.6 percent on a year-on-year basis. However, there was a net income deficit of 57.5 billion won in the quarter due to restructuring of its display division, though the operating profit was 197.7 billion won, up 6.8 percent from 4 months earlier.
"We aim this year for sales of up to 22 trillion won, up 9 percent from last year, with investment of 2.35 trillion won in facilities and research and development," the company said in a statement. (Yonhap)
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