LG Electronics clocks turnover of Rs. 4,500 crore

Mumbai: LG Electronics India Pvt. Ltd. announced their consolidated financial results for 2003 clocking a turnover of Rs. 4,500 cr. The company has registered a turnover growth of 36% vis-à-vis 2002 with individual contributions being 46% from CE, 44% from HA and 10% from IT. LG Electronics currently has 65 Regional Area Offices, 60 Central Area Offices with 40 branches.

Commenting on the results, Mr. Kwang Ro Kim, Managing Director, LG Electronics India Pvt. Ltd. Said, "We are very pleased to announce our performance for 2003. The results have further established for us a more solid operational platform. Year 2003 has seen LG being recognised as an innovative and an exciting brand by introducing state-of-the-art product line-up in the country. We are confident we can build on the success of 2003 and can further augment our growth with more consumer oriented and feature rich products."

Consumer Electronics
LG Electronics has recorded a growth of 37 per cent in the consumer electronics division having achieved a cumulative figure of Rs.2049 cr. contributing to 46 per cent of the total turnover. The key focus areas in 2004 will be the hi-end products. The target for this division for 2004 is Rs 2600 cr, a growth of 27 per cent over 2003.

Home Appliances
LG Electronics in Home Appliances (HA) has clocked a record turnover of Rs 1996 contributing to 44 per cent of the total turnover, an increase of 32 percent over last year. This is a phenomenal growth as compared to the industry growth and the trends. The Home Appliance division is expected to make major dents in the Indian market and is expected to grow by 67 per cent over 2003. This Division expects to touch Rs 3340 cr this contributing about 48 per cent to the total turnover in 2004.

IT Division and GSM
The IT Division of LG Electronics has recorded a growth of 43 per cent contributing to 10 per cent of the total turnover. The targets for 2004 will be a growth of 70 per cent at Rs 760 cr. The foray into GSM mobiles inthe later half of 2003 has made a mark in the market and the company hopes to be the number two player by end 2004. To achieve this ambitious target the company has set a target of Rs 350 cr turnover by 2004.