UPDATED. 2024-04-11 10:05 (목)
LG marks 493 billion won in Q2 profits
LG marks 493 billion won in Q2 profits
  • Gijong Lee
  • 승인 2020.07.08 00:29
  • 댓글 0
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It is a decline of 24%
Image: LG Electronics
Image: LG Electronics

LG Electronics has marked 493.1 billion won in operating profits in the second quarter, better than market expectations and mostly thanks to its home appliance business.

The company said its revenue for the quarter was 12.8 trillion won. It is a drop of 17.9% in revenue and 24.4% in operating profits. 

Compared to the previous quarter, sales dropped 12.9% and operating profits 54.8%.

However, South Korean analysts consensus stood at 400 billion won prior to the announcement. 

Home appliance business is expected to have contributed the most profits. Despite the COVID-19 pandemic, the business is expected to have performed solidly in South Korea. It is expected to have expanded sales in premium home appliance in the US and Europe.

The company performed poorly in April but this likely recovered somewhat in May and June. The drop in demand for TVs is also expected to have been smaller than initially feared.

Its home appliance business is expected to have posted 590 billion in operating profits and 5.3 trillion won in sales, according to the consensus by South Korean analysts. Meanwhile, its mobile business is estimated to have marked 200 billion won in operating loss with sales of 1.13 trillion won, Its TV business it expected to have posted 50 billion won in operating profits and 2.27 trillion won in sales.

LG will have posted 1.58 trillion won in operating profits and 27.56 trillion won in sales in the first half of 2020. This is a rise of 2% and decline of 9.8%, respectively, from the same time period in 2019.


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