LG posts record Q1 profit and revenue from appliances, TVs

LG Electronics said on Thursday that it has posted 18.8 trillion won in revenue and 1.516 trillion won in operating income in the first quarter.

Revenue jumped 27.7% and operating income 39.1% from a year ago.

Both revenue and operating income was the company’s highest quarterly result ever.

LG said strong performances from its home appliances and air solution business as well as its home entertainment business, which sells TVs, helped the growth.

The former recorded 919.9 billion won in operating income, while the latter posted 403.8 billion won.

The home appliances business’ operating margin rate for the quarter was 13.7%, while the home entertainment unit marked 10.1%.

LG said it saw expanded sales of its premium appliances, OLED TVs and Nanocell TVs. Demand for these products increased in major markets following their recovery after the pandemic, the South Korean company said.

The mobile communication business posted 280.1 billion won in operating loss. The vehicle solution unit recorded 700 million won in operating loss.

Its business solution unit, which sells IT devices to business customers, posted 134 billion won in operating income.

LG said it expected large growth in the second quarter as well, from continued demand for its appliances and TVs from the recovery of the global economy.