LG looks for ac growth
South Korea: LG Electronics says it plans to generate at least £2.8bn (KRW5 trillion) from air conditioning this year as it broadens its sales area.
While commercial sales remained stagnant, LG’s air-conditioner division, excluding components, reported £2.58bn (KRW4.6 trillion) in revenue last year, according to reports in the Korea Times.
“This year, we are aiming to grow revenue by double-digits,” Nho Hwan-yong, president of the company’s air-conditioning division, told reporters in Seoul today.
LG intends to offset worsening profitability in commercial sales by focusing more on export markets, including the Middle East, China and South America and broadening its business territories to China, Europe and the United States to achieve this year’s growth target.