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LG Electronics has announced Q2 2016 operating income of KRW 584.6 billion (€453.8m), nearly 140 per cent higher than the previous year, from strong performance by the Home Appliance & Air Solution and Home Entertainment companies, both reporting the highest quarterly operating profit in LG’s history. Global consolidated revenues of KRW 14 trillion increased both year-on-year and quarter-on-quarter.
LG Home Entertainment Company reported a record KRW 356.7 billion in operating profit on revenues of KRW 4.16 trillion, a 5.7 percent increase from the 2015 second quarter, in large part thanks to the growing market for premium TVs. An increase in sales of higher-end Ultra HD and OLED TVs and improved cost structure management contributed to an operating margin of 8.6 per cent, the highest in the history of LG’s home entertainment division.
The business unit says it is confident will continue to benefit from the growing UHD and OLED TV markets and cost competitiveness, although cost increases for flat-panel components may affect profitability.