LG turnover at Rs 2,286 crore

Our Corporate Bureau
31 July 2003

Chennai: Korean parentage LG Electronics India closed the first half of this financial year with a turnover of Rs 2,286 crore, showing an increase of 45 per cent vis-à-vis the same period last year.

Commenting on the performance, Anil Arora, head (marketing) says: "Our performance is line with our annual target of achieving a turnover of Rs 4,500 crore."

The company sold 8.5 lakh colour televisions during the first six months of this fiscal, registering an increase of 76 per cent as compared to the corresponding period last year.

LG Electronics leads the colour TV segment in India with an 18.9-per cent market share. The company also increased its sales of refrigerators, air-conditioners, microwave ovens and washing machines.

The company's IT division increased its revenue by Rs 61 crore to Rs 199 crore for the period under review. The company has chalked out some aggressive plans to capture the leadership position in the monitor market.

According to K R Kim, managing director, the opening of the new plant in Maharashtra will see the doubling of the Indian subsidiary contribution to 10 per cent by year 2010.