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LG Electronics posts record-breaking profits

Posted April. 29, 2022 07:37,   

Updated April. 29, 2022 07:37


LG Electronics posted record-high revenues and operating profits in Q1 on the strength of the steady growth of its H&A business.

On Thursday, LG Electronics publicly announced that it earned 21.11 trillion won in revenues and 1.88 trillion won in operating profits in the first quarter of the year, up 18.5% and 6.4%, respectively.. The costs saved by restructuring and voluntary resignations of low-performing employees have been reflected, and one-off profits from patent contributed to the increase in operating profits.

LG’s other business units including H&A, VS, and BS have enjoyed their best quarter in history in terms of revenues. Notably, the H&A business posted 7.97 trillion won in sales, up 18.8% year-on-year, thanks to the strong popularity of premium home appliances including LG Objet Collections and steam machines. The VS business has also posted greater sales of car infotainment, powertrains, and lights, despite the global semi-conductor supply disruption. The BS business posted 2.17 trillion won in revenues, exceeding the quarterly mark of 2 trillion won-sales for the first time, on the back of the recovery of B2B market and the surging demand for new and replacement IT products.

LG’s HE business, which oversees manufacturing and selling TVs, posted 4.65 trillion won in sales thanks to the popularity of its premium lines including the OLED TVs. It was the sixth consecutive quarter to post more than 4 trillion won in sales since the fourth quarter in 2020.