And increases operating profits.
LG Electronics (LG) and German aviation group Lufthansa have announced plans to develop, produce and market LG OLED displays for commercial airplane cabins. The new venture will be based in Hamburg and commence operation in the first half of 2019.
The new joint venture will combine LG’s advanced, lightweight and flexible OLED display technology with Lufthansa Technik’s aviation business capabilities to create new markets for on-board aircraft applications such as welcome board screens and interior linings.
In other LG news, the company’s newest smartphone, the LG G7 Fit (pictured), has started rolling out to key markets. Originally unveiled at IFA 2018, the LG G7 Fit was developed for customers interested in high-end camera, display and audio features at a more competitive price point. The concept behind the LG G7 Fit was to offer the most popular advanced features from the LG G7 ThinQ without the price and carries an IP68 rating for dust and water resistance as an added bonus.
LG recently reported consolidated sales of US$ 13.76 billion and operating profit of US$ 667.7 million for Q3 2018. Revenues were the highest among the three quarters this year, increasing 2.7% from Q2 with operating income up 45% from the same period in the previous year.
LG Home Appliance & Air Solution recorded Q3 revenues of US$ 4.33 billion and an operating profit of US$365.3 million. LG Home Entertainment generated Q3 operating profit of US$ 289.9 million on sales of US$ 3.31 billion. Even with demand for TV products in developing markets slowing, sales of premium OLED and UHD TVs remained strong. The company plans to increase its focus on premium TV models in key markets to maintain profitability despite the sluggish overall TV market.
LG Mobile Communications recorded sales of US$ 1.82 billion and an operating loss of US$ 130.5 million. Despite the weakening demand for smartphones worldwide and increased competition, the company significantly reduced its operating deficit as a direct result of a stronger focus on mid-range products. The rollout of LGs premium V40 Thin Q smartphone is expected to boost sales inQ4.