LG Posts Highest Revenue Ever, Driven By TVs, Appliances
LG Electronics has announced its highest quarterly revenue in the company’s history, making a whopping A$24.66 billion during the first three months of the year.
This marks a revenue leap of 18.5 per cent, year-on-year, with profits jumping 6.4 per cent.
Operating profits hit A$2.19 billion, driven by strong television and home appliance sales, as well as one-off patent payments.
The LG Home Appliance & Air Solution Company generated first-quarter sales of A$9.31 billion, with operating profits of A$522.77, up 18.8 per cent year-on-year.
The LG Home Entertainment Company recorded sales of A$4.75 billion, with an operating profit of A$220 million, up a modest 1.4 per cent, driven by OLED and large-screen TVs in North America and Europe.
LG announced last month it would abandon its solar panel business, due to growing uncertainties in the global solar panel business, including “the intensification of price competition” and the rising cost of raw materials.
The company has also saved in logistics costs this quarter, by maximising container utilisation rates and expanding direct shipments.
Last year it shut down its underperforming mobile sector, after which it posted record full-year profits of A$81 billion.