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LG Record Q1 Profits, Driven By TVs, Appliances

LG Electronics estimated that its operating profits for the first three months of the year would be up 6.4 per cent from the same period last year, driven by strong television and home appliance sales, as well as one-off patent payments.

This marks another record first-quarter for the company, following last year’s record.

In its earnings guidance, the South Korean tech firm projected operating profit of A$2.01 billion.

Total revenue is expected to rise 18.5 percent to A$23.05 billion, surpassing market expectations.

LG did not disclosure net income, or details about its patent profits. It will break down the respective business divisions in detailed earnings released later this month.

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.

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