LG reports US$7-billion operating revenue in China

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Last updated at: (Beijing Time) Friday, March 12, 2004

LG reports US$7-billion operating revenue in China

LG Electronics reported an operating revenue of 7 billion US dollars in China last year as Republic of Korea (ROK) firms see booming business.

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LG Electronics reported an operating revenue of 7 billion US dollars in China last year as Republic of Korea (ROK) firms see booming business.

China is a fast growing market for the company, said Son Jinbang, president of LG Electronics (China) Co. Ltd. Friday.

LG Electronics China posted an operating revenue of 4 billion US dollars in 2002, rising from its sales of 75 million US dollarsin 1993 when it first stepped in China.

ROK firms like LG and Samsung have been competitive in the mobile phone, electronic home appliance and IT market in China.

LG said it leads the CD-ROM market and has become the second largest microwave oven maker in China while Samsung, another electronics firm from the ROK, claimed it took up the largest market share of computer monitors.

Samsung said on its website that its sales in China were expected to top 8.5 billion US dollars last year. The sales reached 6.4 billion US dollars in 2002.

China was the largest destination of ROK capital for the secondconsecutive year in 2003, according to a ROK Finance and Economy Ministry report issued on Jan. 29.

China attracted 2.49 billion US dollars from the ROK last year,accounting for 45.8 percent of the ROK's total overseas investment,the report said.

So far the country has invested 17 billion US dollars in China.

Son said LG Electronics will try to become a more "Chinese" company by localizing its production, marketing, research and development.

LG aims to raise the sales of its mobile phones in China to 5 million units and total operating revenue to 10 billion US dollarsin 2005, he added.

The ROK company reached sales of 2,000 trillion won (about 1.7 trillion US dollars) in the global market in 2003, the ever most in its history.

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