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LG Electronics’ 2021 revenue to top rated W70tr devoid of mobile biz

An exterior view of LG Electronics exhibition booth at CES 2022 in Las Vegas. (LG Electronics)

An exterior check out of LG Electronics exhibition booth at CES 2022 in Las Vegas. (LG Electronics)

LG Electronics has topped 70 trillion won ($58.2 billion) in comprehensive-year sales for the first time in its history in an earnings shock, in the identical 12 months that the enterprise took down its cell cellular phone enterprise, a preliminary filing confirmed Friday.

The earnings of LG Electronics arrived to 74.72 trillion won by way of 2021, up 28.7 p.c from the preceding 12 months, according to its preliminary consolidated financial report. This defeat the earnings consensus estimate by South Korean analysts. According to sector tracker FnGuide, LG Electronics was projected to log 73.7 trillion won in sales final 12 months.

Its yearly functioning financial gain, nonetheless, fell 1 % to 3.87 trillion won, decrease than the consensus estimate at 4 trillion won.

This comes nine months immediately after LG shut its mobile telephone business enterprise around the world in April past yr. But LG‘s residence appliances, air purifiers, house entertainment equipment as very well as cellular cellphone elements below LG subsidiary LG Innotek show up to have contributed to the report earnings.

Until September, LG‘s gross sales from dwelling appliances, property leisure devices and phone parts accounted for nearly 80 per cent of its full revenue, while the put together working earnings from the three corporations were larger sized than the companywide determine.

LG Electronics did not specify the complete-calendar year earnings by places of company.

Now, all eyes are on no matter whether LG Electronics will be in a position to defeat its property appliance rival Whirlpool this yr by sales. From January to September, LG’s dwelling equipment company recorded 20.58 trillion received, though Whirlpool‘s web product sales came to $16.17 billion.

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The share value of LG Electronics, trading on the Korea Trade, climbed 1.9 per cent to 137,500 won Friday.

By Son Ji-hyoung ([email protected])