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LG Electronics expects 33 pc rise in net profit this year
New Delhi, Sept 25: Consumer durables major LG Electronics expects nearly 33 per cent rise in net profit to Rs 180 crore this year over a sales turnover of Rs 4,500 crore, a senior company official said today.
New Delhi, Sept 25: Consumer durables major LG Electronics expects nearly 33 per cent rise in net profit to Rs 180 crore this year over a sales turnover of Rs 4,500 crore, a senior company official said today.
"We hope to post about 33 per cent growth in net profit to Rs 180 crore in 2003 and our topline should go up to Rs 4,500 crore this year from Rs 3,316 crore in 2002," its head of marketing, Anil Arora told reporters here.
The company, which aims to sell 1.1 million direct cool refrigerators and 2.3 million colour televisions (CTVs), is in the process of jacking up production at its Noida (Uttar Pradesh) plant. The consumer goods behemoth has also pumped in Rs 150 crore for its second facility in Pune which will commence production next year.
"With the kind of sales we are targeting, we need to augment production at the Noida plant. The upcoming Pune facility will manufacture CTVs and fridges," he said. The company also hopes to clock Rs 5,500 core turnover in 2004, mainly helped by growing sales of CTVs, fridges and washing machines, Arora said.
He said sales should go up by 25 per cent during the festive season while sales turnover during September-October 2003 should be to the tune of Rs 1,000 crore, a 54 per cent growth over last year's festive season.
With festivals round the corner, LG has earmarked Rs 25 crore for ad spend on different consumer offers. It expects to achieve 63 per cent value growth in electronics category, 44 and 36 per cent in appliances and it respectively by October end.
Bureau Report
The company, which aims to sell 1.1 million direct cool refrigerators and 2.3 million colour televisions (CTVs), is in the process of jacking up production at its Noida (Uttar Pradesh) plant. The consumer goods behemoth has also pumped in Rs 150 crore for its second facility in Pune which will commence production next year.
"With the kind of sales we are targeting, we need to augment production at the Noida plant. The upcoming Pune facility will manufacture CTVs and fridges," he said. The company also hopes to clock Rs 5,500 core turnover in 2004, mainly helped by growing sales of CTVs, fridges and washing machines, Arora said.
He said sales should go up by 25 per cent during the festive season while sales turnover during September-October 2003 should be to the tune of Rs 1,000 crore, a 54 per cent growth over last year's festive season.
With festivals round the corner, LG has earmarked Rs 25 crore for ad spend on different consumer offers. It expects to achieve 63 per cent value growth in electronics category, 44 and 36 per cent in appliances and it respectively by October end.
Bureau Report