SEOUL, July 12 (Reuters) - LG Electronics (066570.KS) said on Wednesday it is targeting 100 trillion won ($77 billion) in sales by 2030 and plans some 50 trillion won of investment as the South Korean company announced its future strategy.
"LG Electronics will tranform its business portfolio... increase profits by growing in business-to-business, and transition to a service business," CEO William Cho told a press conference.
In 2022, LG reported about 65 trillion won in consolidated sales excluding affiliate LG Innotek (011070.KS), which makes device components such as camera modules for smartphones.
That would be up from more than 80 trillion won ($61.72 billion) as of end-March, according to an eBest Investment & Securities report on Monday.
On Friday, LG Electronics estimated its second-quarter operating profit rose 12.7% from a year earlier to 892.7 billion won, its second-largest April-June quarter profit ever.
Persons:
William Cho, 1,292.1700, Hyunsu Yim, hyang Choi, Joyce Lee, Ed Davies, Simon Cameron, Moore
Organizations:
LG Electronics, South Korean, LG, Investment, Securities, Thomson
Locations:
SEOUL, KS