April 18, 2024

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[THE INVESTOR] LG Electronics said on Jan. 8 its earnings are estimated to have turned to the black, with an operating profit in the fourth quarter of 2017.

Its operating profit is estimated at 366.8 billion won (US$343 million) for the October-December period. The company recorded an operating loss of 35.2 billion won over the same period a year earlier, LG said in a regulatory filing.

Sales are estimated to have increased 14.8 percent over the cited period to 16.9 trillion won, it added.

The operating profit estimates fell short of the market consensus of 471 billion won.

LG did not offer a net profit estimate for the fourth quarter, nor breakdowns for each segment. The Korean tech giant is set to unveil its finalized earnings later this month.

For all of 2017, the firm raked in an operating profit of 2.4 trillion won, marking the second-highest performance ever posted by the firm. The record currently stands at 2009, when LG posted an operating profit of 2.6 trillion won.

In terms of sales, the company raked in 61.4 trillion won for all of 2017, marking the first time for LG to post a revenue hovering above the 60 trillion-won mark on an annual basis.

By Alex Lee and newswires (alexlee@heraldcorp.com)