Friday, May 14, 2021
News

LG delivers record Q1 earnings on robust home appliance biz

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

Seoul | Thursday, 2021 10:15:06 PM IST
LG Electronics on Thursday reported its best-ever quarterly earnings in the first quarter on the back of robust home appliance sales.

The South Korean tech giant said it logged a net profit of 1.17 trillion won ($1.05 billion) in the January-March period on a consolidated basis, up from 1.08 trillion won a year ago.

Its operating profit spiked 39.1 percent to 1.51 trillion won in the first three months of 2021, while sales jumped 27.7 percent on-year to 18.8 trillion won over the cited period.

Both sales and operating profit were record highs in the company's history, beating revenue of 18.78 trillion won in the fourth quarter of 2020 and operating income of 1.24 trillion won in the second quarter of 2009.

Its operating margin was 8.1 percent, the highest for any first quarter, reports Yonhap news agency.

LG's record-setting performance was anchored by its home appliance and air solution unit that posted 6.7 trillion won in revenue, up 23.8 percent from a year ago, and 919.9 billion won in operating profit, up 22.1 percent from year earlier.

Both sales and operating income were also the largest for the unit in its quarterly performance.

In the second quarter, LG said it expects to see on-year growth in revenue.

LG said its OLED TV shipments in the first quarter outperformed the company's expectations, and it aims to double this year's OLED TV sales from last year.

LG earlier this month announced it will exit the smartphone business by the end of July.

The company said profit and loss for discontinued operations will be included in the second quarter results.

--IANS na/

( 283 Words)

2021-04-29-16:22:03 (IANS)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE SCIENCE NEWS
Researchers develop 3D-printed jelly...
Pinterest to test livestreaming with 21 ...
Study finds new evidence for electron's ...
Study explores new intervention in fight...
Indian origin man busted in US for letti...
Twitter finally brings DM search bar to ...
More...
 
INDIA WORLD ASIA
Andhra govt issues global tender for pro...
Three inmates dead after shooting inside...
Assam coordinator moves SC seeking re-ve...
Panel formed to probe into oxygen supply...
Karnataka getting 765 MT of Oxygen as ag...
Owaisi slams Centre, says COVID Vaccine ...
More...    
 
 Top Stories
1,504 UK police officers investigat... 
Philippines bans travellers from Om... 
Sonia, Rahul condole demise of Time... 
Asim Riaz drops debut rap song 'Bac... 
Palestinian death toll from Israeli... 
Divyanka Tripathi on being away fro... 
6.0-magnitude quake jolts Japan's F... 
'Friends: The Reunion' to premiere ...