April 25, 2024

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[THE INVESTOR] Korean tech firm LG Electronics posted 921.5 billion won (US$814.9 million) operating profit -- the highest since 2009 -- in the January-March period, up 82.4 percent from a year earlier, the company said in its earnings report on April 27.

Its revenue came in at 14.66 trillion won, up 9.7 percent. 

LG attributed the improved profits to the strong sales of its premium home appliances, such as washers, refrigerators and TVs.

Its home appliance and air solutions business division posted a 28-percent on-year increase in operating profit to 520.8 billion won while the revenue grew 10 percent over a year to 4.64 trillion won.

The tech firm’s home entertainment unit, which produces TVs, earned 4.33 trillion won in sales with the operating margin standing at a record 8.8 percent.

LG’s mobile business division, which shipped 14.8 million mobile devices in the first quarter, saw its revenue increase 2 percent on-year to 3.01 trillion won.

The division, however, posted an operating loss of 200 million won due to the slowing high-end smartphone sales.

During the first three months, the vehicle components division’s revenue jumped 48 percent from a year earlier to 876.4 billion won thanks largely to its increased parts supplies to General Motors’ electric car Bolt.

By Kim Young-won (wone0102@heraldcorp.com)