LG Electronics Inc. announced the highest quarterly revenue in its history with sales worth KRW 21.11 trillion ($ 17.53 billion). Operating income of KRW 1.88 trillion ($ 1.56 billion) benefited from active royalties, partially offset by a one-time cost of organizational restructuring. Compared to the first quarter of the previous year, revenues increased by 18.5% and profitability by 6.4%, reflecting an increase in demand for LG appliances. Sales of the Vehicle component Solutions division also increased thanks to the growing demand for auto parts as a proactive and preventative response to automotive semiconductor shortages. LG Home Appliance & Air Solution Company generated sales of KRW 7.97 trillion ($ 6.62 billion) in the first quarter with operating income of KRW 447.60 billion ($ 371.68 million). Sales increased 18.8% over the same period last year, making it the highest quarterly revenue within this division.
LG Home Entertainment Company recorded sales of KRW 4.06 trillion ($ 3.38 billion) with operating income of KRW 188.40 billion ($ 156.44 million). Sales increased 1.4% from the first quarter of the previous year thanks to a constant demand for premium products, such as OLEDs and large-screen TVs in Europe and North America. Positive evolution is also expected for this division due to higher sales of premium TVs, including LG OLED, QNED TVs and large screens. LG Vehicle component Solutions Company ended the first half with KRW 1.88 trillion in revenue ($ 1.56 billion). 8.5% sales increase from H1 2021 reflected a preventive response to automotive semiconductor shortages. The operating loss of this division in the first quarter is close to KRW 6.30 billion ($ 5.23 million) and the company has implemented a more efficient cost management system to further increase profitability. LG Business Solutions Company achieved revenues of KRW 2.02 trillion in the first quarter ($ 1.67 billion), 23.7% higher than the previous year, thanks to an increase in demand for monitors and laptops during the beginning of the school year, the restoration of the B2B segment and the improvements made in terms of product competitiveness and operational efficiency.
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