LG Electronics (LG) announced today that its full-year 2010 revenue was 55.8 trillion won ($48.2 billion), while its net profit was 1.3 trillion won ($1.1 billion). Operating profit for the full year of 2010 was 176.4 billion won ($152.5 million).
The LG Home Entertainment Company's sales season grew by 15.8% due to strong seasonal factors and product leadership in the developed national market, which led to record sales of LCD TVs. LG's LCD TV shipments reached 8.7 million units, a 33.0% increase over the same period last year. However, due to the intensification of competition in the TV market, the average selling price fell. Compared with the third quarter profit decline, the operating profit loss occurred this quarter. Despite the economic stagnation in the developed national market, annual sales still reached 22.1 trillion won ($19.1 billion), a jump of 12.5% ​​from the same period last year.
Exchange rate commentary for the fourth quarter of 2010
The Korean won in the earnings report is converted into US dollars at an average exchange rate of three months in each season: 1,133 won to 1 US dollar (4th quarter of 2010) and 1,169 won to 1 US dollar (4th quarter of 2009). The average exchange rate for the 12 months of 2010 was 1,157 won to 1 US dollar, while the average exchange rate for the 12 months of 2009 was 1,278 won to 1 US dollar. LG expects the exchange rate in 2011 to be 1,100 won to 1 US dollar.
[About LG Electronics Group]
LG Electronics is a pioneer in the global consumer electronics, mobile communications, and home appliances industries. LG has 115 operations centers, 84 sales branches around the world, and more than 84,000 employees. With revenues of $44.7 billion in 2008, LG is comprised of five business units: Mobile Communications Company (MC), Home Entertainment (HE), Home Appliance (HA), Air Conditioning Air Conditioning (AC) and Business Solutions (BS). LG Electronics is the leader in global TV panels, audio and video products, mobile communications, air-conditioning and washing machine manufacturers. LG Electronics officially became a global sponsor and technology partner of the F1 event in 2009, becoming the official supplier of F1 electronic products, mobile phones and data processors.
The LG Home Entertainment Company's sales season grew by 15.8% due to strong seasonal factors and product leadership in the developed national market, which led to record sales of LCD TVs. LG's LCD TV shipments reached 8.7 million units, a 33.0% increase over the same period last year. However, due to the intensification of competition in the TV market, the average selling price fell. Compared with the third quarter profit decline, the operating profit loss occurred this quarter. Despite the economic stagnation in the developed national market, annual sales still reached 22.1 trillion won ($19.1 billion), a jump of 12.5% ​​from the same period last year.
Exchange rate commentary for the fourth quarter of 2010
The Korean won in the earnings report is converted into US dollars at an average exchange rate of three months in each season: 1,133 won to 1 US dollar (4th quarter of 2010) and 1,169 won to 1 US dollar (4th quarter of 2009). The average exchange rate for the 12 months of 2010 was 1,157 won to 1 US dollar, while the average exchange rate for the 12 months of 2009 was 1,278 won to 1 US dollar. LG expects the exchange rate in 2011 to be 1,100 won to 1 US dollar.
[About LG Electronics Group]
LG Electronics is a pioneer in the global consumer electronics, mobile communications, and home appliances industries. LG has 115 operations centers, 84 sales branches around the world, and more than 84,000 employees. With revenues of $44.7 billion in 2008, LG is comprised of five business units: Mobile Communications Company (MC), Home Entertainment (HE), Home Appliance (HA), Air Conditioning Air Conditioning (AC) and Business Solutions (BS). LG Electronics is the leader in global TV panels, audio and video products, mobile communications, air-conditioning and washing machine manufacturers. LG Electronics officially became a global sponsor and technology partner of the F1 event in 2009, becoming the official supplier of F1 electronic products, mobile phones and data processors.
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