- Company’s operating profit increased 1.8 per cent and 4.3 per cent from the same quarter over the previous year
- These figures are the tentative consolidated earnings based on K-IFRS
Company’s official statement read, “Cumulative sales for the first three quarters of 2019 totaling KRW 46.24 trillion were the highest in the company’s history. Revenue and operating profit increased 1.8 percent and 4.3 percent from the same quarter the previous year.”
LG’s operating profit, as per its preliminary reports, increased 1.8 per cent and 4.3 per cent from the same quarter over the previous year. These figures are the tentative consolidated earnings based on K-IFRS
LG’s earnings in 2Q 2019
LG Electronics has announced consolidated sales of KRW 15.63 trillion (USD 13.40 billion) and operating profit of KRW 652.3 billion (USD 559.4 million) for the period covering April-June 2019. Compared to the same period last year, sales were 4.1 percent higher with operating income down 15.4 percent. Record home appliance profits and strong business solutions profitability offset smaller operating income for home entertainment products and losses from vehicle components and mobile communications.
Company’s official statement had read, “The LG Mobile Communications Company recorded second-quarter 2019 sales of KRW 1.61 trillion (USD 1.38 billion), 21.3 percent lower than the same period last year due to stagnant demand in the smartphone market and continued aggressive pricing by Chinese brands.”
The LG Home Appliance & Air Solution Company reported record sales of KRW 6.10 trillion (USD 5.23 billion) in the second quarter, the highest for the business unit in the history of LG Electronics. Revenue growth was especially strong in Korea and regions such as North America, Europe and the Middle East, increasing 16.1 percent from the second quarter of 2018. Operating income of KRW 717.5 billion (USD 615.3 million) was the highest ever for the April-June period.
The LG Home Entertainment Company generated second-quarter revenues of KRW 3.67 trillion (USD 3.15 billion), a decrease of 4.5 percent from the same period the previous year due to a decline in demand in regions such as Europe and Latin America where major sporting events in the second quarter of 2018 generated strong sales. Operating income of KRW 205.6 billion (USD 176.3 million) declined from the previous quarter due to higher investments in light of greater competition in key markets and exchange rate depreciation.