LG reports records Q1 profit
April 26, 2018
LG Electronics has posted consolidated sales of KRW 15.12 trillion (€11.5bn) and operating profit of KRW 1.11 trillion for the first quarter of 2018. Sales rose 3.2 per cent from the first quarter last year and operating income soared by more than 20 per cent, representing the highest first-quarter profit and revenue in company history and the highest quarterly profitability since the second quarter of 2009.
The LG Home Entertainment Company reported sales of KRW 4.12 trillion and operating profit of KRW 577.3 billion. Revenue grew 7.4 per cent compared to the same quarter last year as sales of premium products such as LG OLED TVs and Super UHD TVs remained strong. First-quarter operating profit increased 76.5 per cent in 2018 versus 2017 due to the popularity of high-end TVs and improved cost structure, resulting in the company’s first-ever double digit quarterly operating margin of 14 per cent.
In the second quarter, LG expects the global TV market to benefit from upcoming global sports events.