NEW DELHI: The Indian unit of South Korea's LG Electronics Inc said on
Wednesday its sales in calendar 2001 grew 16 per cent from a year-ago to Rs
22.16 billion, despite a slowing domestic economy.
LG Electronics India Ltd., which makes consumer electronics and home
appliances, did not disclose its earnings for the year. It reported a before tax
profit of Rs 670 million in 2000.
It said colour TV sales grew 27 per cent in the year to 650,000 units. This
gave it a 12 per cent market share and made it the third-largest domestic
player, it said, adding that it aimed to boost sales to 850,000 colour TVs in
2002 and increase its share of the market to 15 per cent.
"We have been able to sustain growth during a year of slowdown in the
consumer electronics and home appliances industry," Kwang-Ro Kim, LG
India's managing director, said in a statement. LG India, the South Korean
firm's wholly owned unit, also makes and sells air-conditioners, refrigerators,
washing machines, microwave ovens and information technology products like
colour monitors.
It said refrigerator sales grew 15 to 18 per cent in the year, washing
machines by five to eight per cent and microwave ovens by 14 per cent.
LG entered India in 1997 and has a manufacturing plant on the outskirts of
Delhi and has committed $289 million over a nine-year period until 2005 to boost
capacity and increase exports.
(C) Reuters Limited.