LG Electronics' booth at World IT Show, held April 22 to 24 at Coex in southern Seoul / Courtesy of LG Electronics
LG Electronics posted its highest first-quarter revenue of 23.7 trillion won ($16.05 billion) as its home appliances and vehicle solutions business divisions hit a combined 10 trillion won in quarterly revenue for the first time.
The company announced Wednesday that first-quarter revenue rose 4.3 percent from a year earlier, while operating profit surged 32.9 percent to 1.67 trillion won, recording the third-highest operating profit for the period.
The performance represents a sharp turnaround from the previous quarter's loss, demonstrating what the company described as strengthened core business competitiveness despite ongoing economic uncertainty.
The company said its core businesses, including home appliances and TVs, delivered solid performance, while its vehicle solutions business maintained steady momentum.
The Home Appliances Solution Division, which includes all home appliances except TVs and air conditioners, posted revenue of 6.94 trillion won and operating profit of 569.7 billion won, with an 8.2 percent operating margin, marking its highest quarterly revenue ever.
"Growth was supported by a dual strategy targeting both premium and mass-market segments, along with expanded online sales and appliance subscription services,” the company said.
“In the second quarter, the division aims to sustain growth by strengthening its product lineup and expanding in the Global South.”
The company also plans to optimize its supply chain and costs to improve margins while investing in home robots and robotic components as future growth drivers.
The Vehicle Solutions Division reported record-high results, posting revenue of 3.06 trillion won and operating profit of 211.6 billion won. Its operating margin exceeded 6 percent for the first time since the division’s launch.
Source: Korea Times News
