The LG home appliance and air solution company generated first-quarter revenues of USD 4.86 billion and operating profit of USD 647.3 million
LG Electronics Inc. (LG) has announced consolidated sales of KRW 14.92 trillion (USD 13.27 billion) and operating profit of KRW 900.6 billion (USD 801.25 million) for the first quarter of 2019. The company said that though overall first-quarter revenues and operating income declined somewhat in 2019 versus 2018, the home appliance company reported record first-quarter sales and profits.
The Korea based company said that its operating income was 1,090 per cent higher than the fourth quarter of 2018. Interestingly, Samsung had also recently shared loss figures for Q1 2019.
LG home appliance and air solution company
The LG home appliance and air solution company, as per LG’s official statement, generated first-quarter revenues of KRW 5.47 trillion (USD 4.86 billion) and operating profit of KRW 727.6 billion (USD 647.3 million). Sales, as per LG, were strong in Europe and Asia, contributing to growth of 11 per cent year-on-year and 26 per cent quarter-on-quarter on robust sales of premium and growth products especially in the domestic Korean market.
LG’s official statemen read, “The increase in operating profit of more than 30 percent from the same period last year also can be attributed to the growing popularity of high-growth products such as Styler, clothes dryers, air purifiers and vacuum cleaners as well as effective cost reduction efforts. ”
LG mobile communications company
The LG mobile communications company saw first-quarter sales of KRW 1.51 trillion (USD 1.34 billion) and narrowed its quarterly operating loss to KRW 203.5 billion (USD 181.05 million). LG said that it is trying to rebuild its smartphone business.
LG’s official statement read, “Company’s operating results improved from the previous quarter as a result of stronger business structure. Looking ahead, the launch of LG V50ThinQ 5G smartphone is expected to create positive momentum in the second quarter while the relocation of LG’s smartphone manufacturing center from Pyeongtaek, Korea to Haiphong, Vietnam will help improve profitability and LG’s global competitiveness in the second half of the year.”
The LG home entertainment company reported first-quarter revenues of KRW 4.02 trillion (USD 3.58 billion) and operating profit of KRW 346.5 billion (USD 308.27 million), a decrease of 3 percent from the same period the previous. LG’s Vehicle Component Solutions Company recorded first-quarter revenues of KRW 1.35 trillion (USD 1.20 billion), a 61 percent increase from the same period last year. LG Business Solutions Company posted first-quarter sales of KRW 626.6 billion (USD 556.58 million), 5 percent higher than the previous quarter and 3 percent lower than the first quarter a year ago