This undated file photo shows the flag of LG Group at its headquarters in western Seoul. (Image courtesy of Yonhap)
SEOUL, Aug. 14 (Korea Bizwire) – South Korean tech giant LG Electronics Inc. said Thursday its Indian arm posted record first-half earnings this year, reflecting the firm’s commitment to expanding its presence in emerging markets.
The company’s business report showed the Indian subsidiary recorded sales of 2.2 trillion won (US$1.65 billion) in the January-June period, up 9.3 percent from a year earlier.
Net profit came to 209.7 billion won for the first half, surpassing the 200 billion-won threshold for the first time.
LG Electronics, which entered the Indian market 28 years ago, has been rolling out localized products to strengthen its presence.
In the first half of 2024, LG Electronics held a 25.8 percent share in India’s TV market, along with 33.5 percent for washers and 28.7 percent for refrigerators.
Earlier this year, the company began construction of a production line in India’s southern state of Andhra Pradesh with a combined investment of US$600 million, which will become LG’s third factory in the South Asian nation.
(Yonhap)
