LG Electronics has posted its second highest first-quarter revenue in the company’s history, bringing in $22.9 billion.

The Korean company posted operating profits of $1.69 billion, its third-highest for the first quarter.

LG credits these strong results to “the company’s actions to fundamentally improve its business structure and operational efficiency, while profitability was impacted by challenging global economic conditions.”

The LG Home Appliance & Air Solution Company generated first-quarter revenues of $A9.02 billion, the unit’s highest first-quarter revenues, with operating profit of A$1.125 billion.

This growth was driven largely by the rapid expansion of the B2B segment, fuelled by sales of energy efficient heat pump-enabled products as well as energy storage systems.

“The appliance business expects to see continued growth by focusing on the expanding B2B segment and accelerating the service segment including the rental and care service business, which has reached an average annual growth rate of 30 percent in South Korea over the past 5 years,” the company explained.

The LG Home Entertainment Company recorded first-quarter sales of A$3.78 billion, with an operating profit of $225.3 million.

Despite lower global TV demand, the company saw increased sales of the growth of content and services businesses based on LG’s webOS smart TV platform.

Elsewhere, the LG Vehicle component Solutions Company achieved first-quarter sales of A$2.78 billion with an operating profit of A$60.7 million, recording its highest first-quarter revenues ever.

The LG Business Solutions Company saw improved first-quarter revenues of $1.66 billion, with an operating profit of $73.9 million.

The company plans to accelerate the development of new business segments, especially in South Korea, as robots (LG Future Park in Gumi) and electric vehicle chargers (LG Digital Park in Pyeongtaek) are being fully integrated in LG’s production systems.