LG Electronics reports best quarterly profit in nearly eight yearsApril 27, 2017 - 14:47 AMT PanARMENIAN.Net - South Korea's LG Electronics Inc said on Thursday, April 27 its first-quarter operating profit rose to its highest in nearly eight years on strong sales of home appliances and televisions, with revenue likely to increase in the current quarter, Reuters reports. The world's No. 2 television maker behind Samsung Electronics Co Ltd said its January-March profit was 922 billion won ($816 million), up 82 percent from a year ago and in line with its estimate earlier in April. Revenue rose 9.7 percent to 14.7 trillion won, also in line with the company's previous estimate. "We expect a high-single digit increase in revenue in Q2 versus the previous quarter," LG said in its earnings document. LG's earnings will likely improve in 2017 as the firm's efforts to boost sales of high-end appliances and television products fatten margins, analysts say. The mobile division's losses meanwhile are expected to narrow as its flagship G6 smartphones were well-received by critics. LG's appliance division reported an operating profit of 521 billion won, boosted by demand for high-end products such as washers and refrigerators. Adding new features such as internet-of-things capabilities on the products will further help margins, some analysts said. LG's television business booked a 382 billion won profit, as higher panel costs were offset by growing demand for larger-sized televisions that offer bigger margins. The firm's mobile division reported a 200 million won operating loss for the quarter, its eighth-straight quarter in the red, with the G6 only having begun selling in March. Analysts said ahead of LG's earnings announcement the firm likely saw improved sales of its mid-to-low tier products in markets such as the United States. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Armenia, Russia discuss life extension of Metsamor nuclear plant Issues regarding the extension of life of the 2nd power unit of the Armenian Nuclear Power Plant were discussed in Yerevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |