Appliances And Entertainment Drive LG’s Best Ever Quarter
LG has celebrated its biggest quarter ever, fuelled by growth in appliances and home entertainment, even as it winds down its failing smartphone business.
The South Korean tech giant and rival to Samsung posted KRW 18.81 trillion ($21.7 billion AUD) in sales and KRW 1.52 trillion ($1.74 billion AUD) profit in the first quarter of the 2021 calendar year, which represent respective year-on-year increases of 27.7 per cent and 39.1 per cent; this is the best quarterly performance the company has ever seen.
The strongest-performing sector was home appliances, which pulled in KRW 6.71 trillion ($7.74 billion AUD) in sales, up 23.8 per cent year-on-year, and KRW 919.90 billion ($1.06 billion AUD) in profit, up 22.1 per cent year on year.
Home entertainment came in second, with KRW 4.01 trillion ($4.62 billion AUD) in revenue, up 34.9 per cent year on year, and KRW 403.80 billion ($465.4 million AUD) in operating income, up 23.9 per cent year-on-year.
“Premium products led by OLED and NanoCell TVs continued to experience strong demand as the pandemic effect continued in most of the world.
“To maintain this success in 2021, LG will continue to enhance its premium product lineup, further expand online sales, optimize resources and streamline asset management,” the company said.
Mobile solutions was the only division to record a loss, ending up KRW 280.10 billion ($322.92 million AUD) in the red.