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Samsung Electronics profits in 2020 at US$ 33 bil.; LG Electronics records all-time high revenue…

Samsung Electronics profits in 2020 at US$ 33 bil.; LG Electronics records all-time high revenue for 2020
삼성전자 작년 영업이익 36조원 육박…LG전자 작년 매출•영업이익 사상 최대

The two big South Korean tech giants, Samsung Electronics and LG Electronics have released their preliminary earnings for 2020, showing a surge in both profits and revenues.
For Samsung, it was display panels, TVs and tablet devices.
For LG the boost came from home appliances.
Bae Eun-ji reports.
South Korean tech giant Samsung Electronics performed solidly last year.
The company announced Friday that its operating profits from 2020 are estimated to be around 33 billion U.S. dollars,… up 29-point-5 percent compared to the previous year.
Annual revenue stood at 215-point-9 billion U.S. dollars… marking the third highest following 2017 and 2018.
This was largely due to price increases to display panels and high demand for tablet PCs and TVs… as more people stayed home because of the pandemic.
Samsung also said its fourth quarter profit for last year is projected to be up 25-point-7 percent on-year.
This is lower than the third quarter’s figures… as the price of semiconductors fell and the dollar weakened against the Korean won,… but higher than that of the same period the previous year.
Solid figures are expected for the first quarter of this year as well.
“The price of semiconductors fell during the fourth quarter of 2020. But it started to rebound in December, and this is expected to continue in January and February of this year as well,… so sales are expected to grow in 2021.”
Another of the country’s tech giants, LG Electronics, reported on Friday that its annual operating profits for 2020 are expected to reach an all-time high,… at over 3 trillion Korean won, or roughly 2-point-7 billion U.S. dollars.
As for the fourth quarter of last year, the company estimates profits to increase by more than 500-percent,… standing at nearly 600 million U.S. dollars.
This is the highest fourth quarter figures that the company has seen so far.
The record-high numbers are attributed to a boost in demand for home appliances such as steam clothing care systems and washing machines.
The full earnings of both companies are to be released later this month.
Bae Eun-ji, Arirang News.

#Samsung #LG #profit

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2021-01-08, 17:00 (KST)

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