Like other companies that have a fiscal year that coincides with a calendar year, LG Electronics released a report for the fourth quarter of 2020 and for the year as a whole.
The South Korean manufacturer received $ 16.76 billion in revenue for the quarter. This is 16.9% more than in the fourth quarter of 2019 and 11% more than in the third quarter of 2020. Operating income in the fourth quarter of 2020 was $ 580.19 million, an increase of 539% year on year (for those who are intimidated by high percentages, this is 6.39 times).
Revenue for 2020 totaled $ 56.45 billion. Operating income in 2020 reached a record high of $ 2.85 billion, an increase of 31.1% over 2019. The authors of the report note that the growth is mainly due to sales of high-end home appliances and OLED TVs.
While the COVID-19 pandemic and slow economic recovery are factors of uncertainty in 2021, LG expects the global economy to return to normal as vaccinations are carried out and as a result of sound fiscal policies of global governments.
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