LG reported that it earned consolidated revenue in the first quarter of 2020 of $ 12.45 billion and operating profit of $ 921.47 million.

This Thursday, LG Electronics presented the financial results corresponding to the first quarter of 2020.

LG reported that it obtained consolidated income in the first quarter of 2020 of $ 12.45 billion and operating profit of $ 921.47 million.

Although revenues decreased slightly compared to the same period in 2019, operations improved 21.1% compared to the same quarter last year.

This means that for the second time in history, quarterly operating profit exceeded KRW 1 trillion.

Below you can see in full the results published by LG.

LG Home Appliance & Air Solution Company reported first quarter revenue of KRW 5.42 trillion ($ 4.58 billion) and operating profit of KRW 753.5 billion ($ 636.8 million). Revenue was largely unchanged from the first quarter of last year, the effect of reduced global demand during the pandemic, offset by high sales in Korea of ​​steam devices like washers, dryers, dishwashers and the LG Styler laundry care system , reflects the consumer’s interest in health and hygiene. Operating profit (3.6% higher than the same period last year) and operating margin were the highest in LG’s history, benefiting from cost reduction efforts and increased interest in premium products.

LG Home Entertainment Company posted first quarter revenue of KRW 2.97 trillion ($ 2.51 billion), a 4.8% decrease from the same period last year as a result of component supply constraints and the slowdown of world demand due to lower consumer confidence. Taking into account the reclassification of information technology products from Home Entertainment Company to the Business Solutions Company division, this year operating income of KRW 325.8 billion ($ 275.32 million) increased 31.7% over the same period Last year as a result of the operational efficiency and expansion of premium products like OLED TVs and NanoCell TVs. With market demand negatively affected by the pandemic, the company is adjusting the ratio of premium products, expanding online sales, optimizing the inflow of resources, and streamlining asset management to improve profitability in the future.

LG Mobile Communications Company reported first-quarter sales of KRW 998.6 billion ($ 843.9 million), reducing its operating loss to KRW 237.8 billion ($ 200.96 million) compared to the previous quarter. Sales decreased nearly 34% from the first quarter of last year, mainly due to supply disruptions by partners in China. Costs were further adjusted due to production and marketing efficiencies, continued efforts to help cushion the effect of the pandemic. The launch of the new LG Velvet 5G smartphone in Korea in the second quarter will mark a new direction with a different design philosophy, competitive but value-conscious components and better online sales initiatives.

LG Vehicle Component Solutions Company posted first quarter revenue of KRW 1.32 trillion ($ 1.11 billion), a 2.1% decrease from the same period last year with an operating loss of KRW 96.8 billion ($ 81.8 million) as a result of the disruption in the business of car manufacturers in North America and Europe. To minimize the current risk from the pandemic, the company will accelerate its supply chain optimization efforts taking into account a reduction in demand from automakers and continue to improve its business structure with further cost savings during the second quarter.

LG Business Solutions Company It generated sales in the first quarter of KRW 1.71 trillion ($ 1.44 billion), an increase of 3.5% against the previous year and 18.8% more than the previous quarter thanks to the increase in sales of solar panels and IT products such as LG gram computers. KRW 212.2 billion operating profit ($ 179.3 million) is 26.3% more than the same period last year and 159% more than the previous quarter due to increased sales of solar panels, stable profitability of displays information and productivity innovations. To minimize disruption due to the pandemic, the company is expanding online sales efforts for IT products to capture greater participation in the telework and distance learning markets.

* LG Electronics’ unaudited quarterly earnings results are based on IFRS (International Financial Reporting Standards) for the three-month period ending March 31, 2020.

Amounts in Korean won (KRW) are translated into United States Dollars (USD) at the three-month period average rate of the corresponding quarter – KRW 1,183.33 per dollar.

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