LG posts turnover of Rs 8250 Crore
New Delhi, January 13, 2007: LG Electronics India, the country’s leading consumer durable company today announced their annual results for calendar year 2006 at Rs 8250 crore. The company is expecting an overall growth rate of 15% this year and has declared that their focus product categories will be Flat panel Displays and GSM phones.
LG India has also forecast a growth of 19% in exports, which is expected to contribute Rs. 950 crore to the total turnover in 2007.
Having achieved leadership position in Plasma Display Panels and Flat TVs, the company is expecting to become the market leader in LCD TVs as well. The other focus category will be GSM, in which the company is aiming to be amongst the top 3 players. The company is also targeting to achieve sales of 10 million handsets by year 2009.
Commenting on the strategies which LG India will adopt to achieve growth, Mr. Moon B Shin, MD, LGEIL said, “The successful implementation of Blue Ocean strategy across systems and products will be critical to our success this year. We have already rolled out products like Time Machine TV and Chocolate phone as part of this strategy and year 2007 will see us launching many more unique technologies and products. We will also strengthen our base as an export hub.”
LG India achieved a turnover of Rs. 8,250 crores in 2006, posting an overall growth of 10% . The overall contribution was 43% from Home Appliances, 39% from Consumer Electronics, 13% from IT products and 5% from GSM.