LG Electronics' Q1 operating profit hits 8-year high
29 April, 2017, 21:26 | Author: Jan Cross
LG almost doubled its operating income to 921.5 billion won, with the LG Home Appliance & Air Solution Company (H&A) posting its highest quarterly operating income in eight years.
Revenue gained 10 percent to 14.66 trillion won in the quarter. It also turned around from the operating loss of 35.3 billion won in the previous quarter.
The world's No 2 television maker behind Samsung Electronics Co Ltd said its January-March profit was 922 billion won (RM3.5 billion), up 82 per cent from a year ago and in line with its estimate earlier in April. The sales went up 9.7 percent from a year earlier.
As LG enters the peak season, the company foresees an improvement in the business environment across much of Asia and Latin America, two key growth markets.
Domestic appliance sales jumped 33 percent on-year "driven by the strong performance in TWINWash washing machine, air conditioners, bottom freezer refrigerators" while overseas performance was boosted by "expanding sales of new premium products". Net income reached 835.7 billion won, more than quadrupling compared with a year earlier. The mobile and communication (MC) division reported an operating loss of 200 million won on sales of 3.01 trillion won in the first quarter.
"While the effects of last year's reorganization are beginning to bear fruit, price competition in the mass-tier segment and competition from other flagship models are expected to increase this year", the company said.
The company reported smartphone shipments of 14.8 million units in the quarter, up 10 per cent from the first quarter of previous year in large part thanks to the Americas.
LG's vehicle components division, a new growth engine, reported a 14.5 billion won operating loss, despite a 48 percent increase in sales due to supply transactions with General Motors on the Bolt electric vehicle.
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