LG post record figures despite declining mobile division

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5G is the focus for LG’s mobile business for 2019

LG has announced record full-year revenues of £41.65 billion for 2018 despite slower sales from its mobile division.

The Korean giants announced a full-year profits of £1.84 billion, after posting revenues of £10.71bn during the fourth quarter of last year,

It represented a seven per cent drop year-on-year for the fourth quarter, with lower sales of mobile phones the cause.

For the year LG’s mobile communications company posted revenues of £5.4bn, with £1.16bn generated during the fourth quarter, which was a decrease of 16 per cent from Q3.

LG said that the mobile division business structure showed signs of improvement after better material cost controls and overhead efficiencies, despite an operating loss of £536.42 million.

LG said it will focus on 5G for 2019 and push 5G products and smartphones, while focusing on key markets.

Meanwhile LG’s home appliance and home entertainment businesses enjoyed its highest annual profits.

There was also profits in LG’s vehicle components division and business-to-business company.

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