LG Electronics announces 9.7% jump in first-quarter revenue
LG Electronics Inc has announced first-quarter revenue of 14.66 trillion won (Bt445.5 billion), an increase of 9.7 per cent from the same period last year.
LG nearly 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.
H&A reported a 10-per-cent increase in first-quarter sales from the same period a year earlier and 15 per cent higher than the previous quarter. Revenues of 4.64 trillion won reflected strong performance in Asia and Latin America.
Domestic sales in South Korea were 33 per cent higher year on year because of strong performance by TWINWash washing machines, air-conditioners and some refrigerators, as well as the company’s newest premium LG Styler clothes-management system and air purifiers, LG said.
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.
LG Home Entertainment Co recorded its highest first-quarter operating margin of 8.8 per cent on sales of 4.33 trillion won, largely thanks to expanding sales of premium products, an improved cost structure and a more flexible strategy to deal with the increase in panel prices.
LG Mobile Communications Co reported revenues of 3.01 trillion won, an increase of 4 per cent quarter on quarter and 2 per cent year on year, driven by the launch of the flagship LG G6 smartphone and new mass-tier models.
The company reported smartphone shipments of 14.8 million units in the quarter, up 10 per cent from the first quarter of last year in large part thanks to the Americas.
LG Vehicle Components Co reported strong sales of 876.4 billion won, a 48-per-cent increase from the first quarter of 2016 thanks in large part to the successful collaboration with General Motors on the popular Chevrolet Bolt electric vehicle.