LG posts record Q2 as TV market recovers
July 29, 2021
LG Electronics has announced its highest quarterly revenues ever as the company continued to expand its market share for premium home appliances and consumer electronics outside of South Korea.
Worldwide consolidated revenues of KRW 17.11 trillion (€12.8bn) rose 48.4 per cent from the second quarter a year ago. Second-quarter 2021 operating profit increased 65.5 per cent from last year to KRW 1.11 trillion. Results for the LG Mobile Communications Company, which officially winds down at the end of July, are considered discontinued operations and are no longer included in quarterly earnings reports.
The LG Home Entertainment Company grew its revenues to KRW 4.04 trillion in the second quarter, a substantial 79.1 per cent increase compared to the same period last year. Operating profit soared to KRW 333.50 billion, an increase of 216.4 per cent year-on-year thanks to the growing popularity of premium OLED TV products and the recovery of the global TV market, which was negatively affected last year due to retail store shutdowns.
With the price of TV panels continuing to rise, LG’s Home Entertainment strategy says it will centre on growing the premium TV segment and nimble inventory management.