LG Electronics Q1 Operating Profit 1.09 Trillion KRW... 21% Increase YoY (Update)

[Asia Economy Reporter Dongwoo Lee] LG Electronics announced on the 29th that its consolidated sales and operating profit for the first quarter of this year were 14.7278 trillion KRW and 1.0904 trillion KRW, respectively.

Sales decreased by 1.3% compared to the same period last year, while operating profit increased by 21.1% during the same period. This is the second time operating profit has exceeded 1 trillion KRW.

The H&A Business Division, mainly responsible for home appliances such as refrigerators and washing machines, recorded sales of 5.418 trillion KRW and operating profit of 753.5 billion KRW. Sales slightly decreased, but operating profit increased by 3.6% compared to the same period last year.

The Home Entertainment (HE) Business Division recorded sales of 2.9707 trillion KRW and operating profit of 325.8 billion KRW. Sales decreased by 4.8% compared to the same period last year, but operating profit increased by 31.7%. Thanks to steady sales of premium products such as OLED TVs and cost efficiency measures like cost reduction, the operating profit margin reached 11.0%.

The Mobile Communications (MC) Business Division recorded sales of 998.6 billion KRW and an operating loss of 237.8 billion KRW. Sales decreased by 33.9% compared to the same period last year due to a decline in smartphone sales, continuing the operating loss.

The VS Business Division, responsible for automotive parts, recorded sales of 1.3193 trillion KRW and an operating loss of 96.8 billion KRW. Sales decreased by 2.1% compared to the same period last year due to a decline in electric vehicle parts business and sales from its subsidiary ZKW's lamp business, continuing the operating deficit.

The BS Business Division, responsible for information displays and solar panels, recorded sales of 1.7091 trillion KRW and operating profit of 212.2 billion KRW. Sales increased by 3.5% and operating profit grew by 26.3% compared to the same period last year.

This content was produced with the assistance of AI translation services.